All categories

3 years ago

Which of the following would most likely make the demand for an item more elastic?

Business

2 answers:

rodikova [14]3 years ago

6 0

Answer:

C. There are no costs of switching to competitor's products.

Explanation:

Demand is buyers ability & willingness to buy at a price, time. Elasticity of Demand is buyers' demand responsiveness to price change.

Elastic demand means demand changes more with regards to price change. Inelastic demand means demand changes less with regards to price change.

In case of : buyers perceiving less substitute competing goods, item representing a small fraction of consumer's budget, buyers having less time to adjust to price change - Demand responds less to price change i.e is Inelastic.

If there are no costs to switching to substitute competitors' goods, shifting to other substitute goods is more convenient. This easier goods substitution makes good's demand more responsive to price change i.e Demand is Elastic.

dexar [7]3 years ago

6 0

Answer:

The correct answer is letter "C": There are no costs of switching to competitor's products.

Explanation:

Demand Elasticity is the measure of how demand changes as other factors change and is often referred to as price elasticity of demand because the price is most often the factor used to measure elasticity. Demand elasticity helps a company predict changes in demand based on changes in price, market entry of competitive goods, and other factors.

Thus, if there are no costs for consumers to switch from one product to another due to competition, the demand elasticity for that product is high.

You might be interested in

4. Does the same thing work for every customer?

Ann [662]

Answer:

No all customers are diffrent one might like the smell of lavender when one customer might hate lavender and like the smell of honey.

Explanation:

5 0

3 years ago

Read 2 more answers

A fully global organization might set up a ________ with a foreign company to create a new, independent company that produces a

kotykmax [81]

A fully global organization might set up a joint venture with a foreign company to create a new, independent company that produces a specific product.

When businesses expand internationally, they frequently begin small?

When businesses expand internationally, they frequently begin by merely exporting their goods to one or more foreign nations.

Exists a company that runs operations in multiple nations?

A multinational corporation is one that has operations and business locations in two or more different nations.
These businesses are frequently run from a central office with its headquarters in the nation of origin.

What attribute best describes a transnational corporation?

A "borderless organization" with numerous operations and no central headquarters is referred to as a transnational corporation.

Learn more about multinational corporation

brainly.com/question/14249780

#SPJ4

5 0

1 year ago

What is the difference between crowd sourcing and crowd funding?

natita [175]

Answer:

a) crowd sourcing carries fewer risks

Explanation:

Crowd sourcing: The term "crowd sourcing" is described as a phenomenon that encompasses the procedure of sourcing skills or information or some end products from a particular group or groups of different people.

Crowdfunding: The term "crowdfunding" is described as a phenomenon that encompasses the procedure of sourcing funds or money from a specific group of groups of different people.

In the question above, the correct answer is option a.

5 0

3 years ago

Millions of investors trade in primary and secondary markets. To protect their interests and to help maintain market_______ , th

Verdich [7]

I believe the answer is C

4 0

3 years ago

U.S. appliance manufacturers find that different customs about shopping must be considered to determine product design. For inst

vovangra [49]

Answer:

Global marketing strategy

Explanation:

A global marketing strategy (GMS) is a strategy that encompasses countries from several different regions in the world and aims at coordinating a company's marketing efforts in markets in these countries. A GMS does not necessarily cover all countries but it should apply across several regions.

Competing on a global basis allows customers worldwide to be better-informed and more focused on the products and services you offer. Creating a comprehensive global marketing strategy also allows your company to adapt quickly wherever needed based on customer demands and trends in the global marketplace.

Each marketing strategy can communicate to a target market the benefits and features of a product. ..Apple, for example, has invested in creating commercials for television, billboards, and magazines that showcase their products in such a way that their customers feel an affinity towards Apple's products.

5 0

3 years ago

Read 2 more answers