Which of the Following Is Most Consistent with the Scientific

question 54

Multiple Choice

Which of the following is most consistent with the scientific method approach to marketing research discussed in the text?

• A) "We continually survey our customers because the results give us good ideas for hypotheses."
• B) "Once we interpret the data, we can define our problem."
• C) "Our research is as precise as possible-because we want to be 100 percent accurate."
• D) "Sometimes the answers from the early stages of the research process are good enough so we stop the research and make our decisions."
• E) None of these alternatives is correct.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.

Elastic

Describes a situation in which the supply or demand for a good or service significantly changes in response to price changes.

Elasticity of Demand

An indicator of the variation in the amount of a good or service desired with respect to its price fluctuation.

Slightly Inelastic

Describes demand or supply that is only marginally responsive to changes in price, with the quantity demanded or supplied changing by a smaller percentage than the price change.