When Conducting Your Venture Concept Reality Check What Is One

question 16

Multiple Choice

When conducting your venture concept reality check what is one thing you want to do?

• A) Confirm target customers' core needs
• B) Understand your target customers' attitudes
• C) Understand your target customers' behaviors
• D) All of the above

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Definitions:

Elastic

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

Inelastic

Describes a situation where the demand or supply for a good or service is unresponsive to changes in price.

Equilibrium Quantity

The amount of goods or services available that matches the amount desired by consumers at the price where supply and demand balance.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.