The Longer Any Price Change Persists, the

question 119

Multiple Choice

The longer any price change persists, the

• A) more difficult it is to alter quantity demanded.
• B) greater is the price elasticity of demand.
• C) lower is the price elasticity of demand.
• D) more likely price will return to its original level.

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Definitions:

Reshoring

The process of bringing manufacturing and production back to a company's original country from overseas to benefit from lower costs, better quality control, or tighter supply chain management.

Firm's Product

The goods or services produced and offered by a business to its customers.

Economic Climate

The overall state and conditions of an economy, affecting business confidence, consumer spending, and financial markets.

Economies Of Scale

The cost advantage achieved when production becomes efficient, as the output increases, the average cost per unit decreases.