A Separate Estimate of Market Potential Is Required for Each

question 13

True/False

A separate estimate of market potential is required for each different customer group a business is targeting.

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Definitions:

Law of Demand

States that, all other factors being equal, as the price of a good increases, demand for that good decreases, and vice versa.

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a specific price.

Price

The amount of money required to purchase a good or service, determined by factors such as supply and demand.

Normal Good

A type of good for which demand increases when income increases, demonstrating a direct relationship between income and demand.