Price Elasticity Is Defined As

question 55

Multiple Choice

Price elasticity is defined as:

• A) a situation where prices routinely move up and down in a short period of time.
• B) customers' responsiveness or sensitivity to changes in price.
• C) the impact on a product's demand when customers are in unique buying situations.
• D) the relative ease with which prices can be changed.
• E) price flexibility-a pricing strategy used by startup firms.

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Definitions:

Empirical

Based on, concerned with, or verifiable by observation or experience rather than theory or pure logic.

Ideological

Relating to or based on a system of beliefs, values, or ideas that characterizes a particular culture or group.

Contingent

Reliant on another factor and not guaranteed or definitive.

Mandatory Minimum

A type of criminal sentence determined by law that establishes the minimum length of prison time that must be served for certain offenses.