Which of the Following Is Least Likely to Be Considered

question 18

Multiple Choice

Which of the following is least likely to be considered a finite customer population?

• A) subassemblies in a just-in-time manufacturing environment
• B) customers in an amusement park
• C) fast food restaurant employees waiting to use the restroom
• D) planes waiting to take off at an airport
• E) a class of 10 students who might visit their professor during office hours

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.

Normal Goods

Normal goods are goods whose demand increases when consumer income rises, and decreases when consumer income falls, opposite to inferior goods.

Perfect Substitutes

Goods that can completely replace each other in consumption, resulting in consumers being indifferent to which product they consume.

Income Elasticity

A measure of how the demand for a good or service changes with a change in the consumer's income.