Asked by
Michael Gwandi
on Nov 06, 2024
Verified
Price elasticity is defined as:
A) a situation where prices routinely move up and down in a short period of time.
B) customers' responsiveness or sensitivity to changes in price.
C) the impact on a product's demand when customers are in unique buying situations.
D) the relative ease with which prices can be changed.
E) price flexibility-a pricing strategy used by startup firms.
Price Elasticity
A measure of how sensitive the quantity demanded of a good or service is to a change in its price.
Price Sensitivity
The degree to which the price of a product affects consumers' purchasing behaviors.
- Recognize and assess various pricing tactics and their influence on customer perception and demand.
Verified Answer
AM
Learning Objectives
- Recognize and assess various pricing tactics and their influence on customer perception and demand.