When it comes to measuring consumers' price sensitivity, products are viewed as either

A) elastic or inelastic.
B) fixed or variable.
C) complementary or substitutable.
D) necessary or optional.
E) dynamic or rigid.

Question

Cynthia Wollenzien · Accepted Answer

Final Answer : A, Explanation :  Products are viewed as either elastic or inelastic in terms of consumer price sensitivity. Elastic products are those for which a change in price results in a significant change in quantity demanded by consumers, while inelastic products are those where a change in price has little to no effect on quantity demanded. Understanding which category a product falls into can inform pricing strategies and help businesses make informed decisions about adjusting prices.

When it comes to measuring consumers' price sensitivity, products are viewed as either

A) elastic or inelastic.
B) fixed or variable.
C) complementary or substitutable.
D) necessary or optional.
E) dynamic or rigid.

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Learning Objectives

Related questions

When it comes to measuring consumers' price sensitivity, products are viewed as eitherA) elastic or inelastic.B) fixed or variable.C) complementary or substitutable.D) necessary or optional.E) dynamic or rigid.

Definitions

Learning Objectives

Learning Objectives

Related questions

When it comes to measuring consumers' price sensitivity, products are viewed as either

A) elastic or inelastic.
B) fixed or variable.
C) complementary or substitutable.
D) necessary or optional.
E) dynamic or rigid.