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When the new father left the maternity ward to find something to eat,he was surprised to see that he could buy McDonald's fast food in the hospital dining room.McDonald's is utilizing:
Sensitivity of Price
The degree to which the price of a product or service impacts consumer demand or the quantity supplied.
Inelastic Demand
Refers to a market situation where the demand for a product does not change significantly in response to a change in price.
Elastic Demand
A market scenario where the quantity demanded of a product or service significantly changes in response to a change in price.
Fast-Food
Quick service restaurants serving food that is prepared and served rapidly.
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