There Are Very Few,if Any,good Substitutes for Motor Oil

question 175

Multiple Choice

There are very few,if any,good substitutes for motor oil.Therefore,the

• A)demand for motor oil would tend to be inelastic.
• B)demand for motor oil would tend to be elastic.
• C)demand for motor oil would tend to respond strongly to changes in prices of other goods.
• D)supply of motor oil would tend to respond strongly to changes in people's tastes for large cars relative to their tastes for small cars.

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Definitions:

Customer Focus

A business strategy that emphasizes the importance of meeting the needs and exceeding the expectations of customers.

Societal Responsibility

The obligation of a business to contribute to the welfare of the society that it operates within, beyond its financial and operational obligations.

Triple Bottom Line

An accounting framework that incorporates three dimensions of performance: social, environmental, and financial.

Long-term Growth

A measure of the increase in the value, productivity, or size of an entity or sector over an extended period, often analyzed to predict or assess future economic health.