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Angelina_Jolie [31]
3 years ago
12

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 <em>price elasticity of demand</em> 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 <em>price, market entry of competitive goods</em>, and <em>other factors</em>.

Thus,<em> 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</em>.

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natta225 [31]

Answer:

Option C

Explanation:

In simple words, the basic solution to create and maintain healthy diverse environment throughout the organisation is to create a culture that encourage employees to accept each others differences.

Creating such culture will help the trainer to implement the training procedures. Such activities and decisions will lead to less conflicts and more positive results.

7 0
3 years ago
In accounting What is revenue
mylen [45]
Fess earned from providing services and the aumounts of merhandise sold. hope this is the right awser and I love to help you anytime
8 0
2 years ago
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Unit cost of materials for a department using the FIFO method of process costing is found by taking the total cost of materials
Brrunno [24]

Answer:

b. equivalent units of output.

Explanation:

In the production process there are various kind of inventory, that is raw material inventory, work in process and then the finished inventory.

Thus, there is this equivalent units concepts which calculates the completed units that would have been produced in case of no work in process.

Thus, when we use FIFO method and we want to calculate the unit cost of materials assuming inventory of raw material is also added in stages rather than completely adding it as a first step itself, the correct equation = Total cost of materials/equivalent units of output.

6 0
3 years ago
When looking at a firm's behavior, you know it is engaging in price discrimination when it:__________
Andreas93 [3]

Answer:

a. charges a different price to different customers that is not reflective of the firm's costs.

Explanation:

The price discrimination strategy occurs when an organization charges a different price to different customers that does not reflect the company's costs, that is, the company divides its potential customers into groups, usually based on customer perceptions and characteristics and demographic data to evaluate which group of customers is willing to pay more or less for a particular product or service.

This is a strategy that can be favorable for companies to charge a maximum price for their product knowing that it will be accepted, but it is effective in large companies that have a high position in the market.

3 0
2 years ago
Clarifying the issues of a problem is the _____ step in the problem solving process.
solmaris [256]

Answer:

hii there

The correct answer is option ( A )

8 Step Problem Solving Process

Step 1: Define the Problem. What is the problem?

Step 2: Clarify the Problem.

Step 3: Define the Goals.

Step 4: Identify Root Cause of the Problem.

Step 5: Develop Action Plan.

Step 6: Execute Action Plan.

Step 7: Evaluate the Results.

Step 8: Continuously Improve

Explanation:

Hope it helps

have a nice day

8 0
3 years ago
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