Which of the Following Statements About Price Elasticity of Demand

question 301

Multiple Choice

Which of the following statements about price elasticity of demand most accurate?

• A)The more substitutes a product has,the more likely it is to be price elastic.
• B)All products show some price inelasticity.
• C)Nondiscretionary, (necessary)purchases are price elastic.
• D)With inelastic demand,reducing price has a very large impact on revenues.
• E)With inelastic demand,manufacturers change prices frequently to capitalize on consumer behavior.

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Definitions:

Selection

The process by which the organization attempts to identify applicants with the necessary knowledge, skills, abilities, and other characteristics that will help the organization achieve its goals.

Necessary Knowledge

The essential information and skills required to perform tasks or understand concepts effectively.

Organization's Goals

The strategic objectives that a company aims to achieve, guiding its direction and business decision-making.

Compensation and Benefits

Compensation and benefits refer to the salary, wages, and additional perks or rewards provided by an employer to its employees in exchange for their services.