Which of the Following Is False

question 198

Multiple Choice

Which of the following is false?

• A)The price elasticity of supply measures the sensitivity of the quantity supplied to the changes in the price of the good.
• B)The price elasticity of supply is defined at the percentage change in the quantity supplied divided by the percentage change in price.
• C)Goods with a supply elasticity that is greater than 1 are called relatively elastic in supply.
• D)When supply is inelastic, a 1 percent change in the price of a good will induce a more than 1 percent change in the quantity supplied.
• E)Time is usually critical in supply elasticities, because it is more costly for producers to bring forth and release resources in a shorter period of time.

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Definitions:

Lifestyle Segmentation

A marketing approach that divides the market into groups based on consumer lifestyles, behaviors, and preferences.

Macromarketing

Refers to the study of the marketing processes, systems, and impacts at the societal level, often considering the interaction between markets, society, and the environment.

Micromarketing

An extreme form of segmentation that tailors a product or service to suit an individual customer’s wants or needs; also called one-to-one marketing.

Geodemographic Segmentation

The process of analyzing and categorizing population data based on geographic and demographic factors for marketing purposes.