Which of the Following Statements Is Not True

question 18

Multiple Choice

Which of the following statements is not true?

• A) Price elasticity of demand for basic foods is low.
• B) When price elasticity of demand is very high, we say there is brand loyalty.
• C) The availability and price of substitutes affect the elasticity of demand for a good
• Or service.
• D) When goods have very low prices, the elasticity of demand is usually quite low.

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Definitions:

Real Time

Information or processes that occur or are available immediately without any delay.

Big Data

Copious amounts of information that are often collected in real time and can come from a wide variety of sources, particularly digital.

Benchmarking

The process of comparing one's business processes and performance metrics to industry bests or best practices from other companies.

Gold Standard

historically refers to a monetary system where a country's currency value is directly linked to gold, but in a broader sense, it signifies the highest quality or benchmark measure.