Examlex
What is simulation and why is it a popular decision-making tool?
Price War
A competitive situation where rival companies continuously lower prices to undercut each other, aiming to increase market share.
Price Sensitive
A characteristic of consumers who are highly responsive to changes in prices, affecting their willingness to buy products or services.
Promotional Campaign
A series of advertisements or efforts aimed at increasing awareness or sales of a specific product or service.
More Inelastic
Describes a situation where the demand for a product or service is less responsive to changes in price.
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