What Is Another Name for On-Line Price Comparison Engines

question 122

Multiple Choice

What is another name for on-line price comparison engines?

• A) extranets
• B) shopbots
• C) price "tickers"
• D) virtual spreadsheets

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Definitions:

Price Elasticity of Supply

Price elasticity of supply measures how the quantity supplied of a good changes in response to a change in its price.

Income Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.

Midpoint Method

A technique used in economics to calculate the percentage change in quantity demanded or supplied between two points on a curve, providing an average elasticity for that range.

Cross-Price Elasticity of Demand

A measurement of how the quantity demanded of one good responds to a change in the price of another good, indicating whether they are substitutes or complements.