Which of the following accurately describes the concern for marketers with respect to lowering prices for an inelastic product? a) The percentage increase in the total revenue of the company due to the lowered price may result in a higher level of competition in the market. b) The percentage increase in the quantity demanded for the product is much greater than the percentage decrease in the price of the product. c) Although this may result in an increase in the total revenue for the company, lowering price of an inelastic product can be illegal. d) Although this may result in an increase in the number of units sold, the total revenue of the company may eventually fall. e) Although this may result in an increase in the demand for the product, the company may not be able to keep up supply for the product
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which of the following accurately describes the concern for marketers with respect to lowering prices for an inelastic product? a) The ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What is double jeopardy? Explain how this vocabulary word relates to the 5th Amendment.
Answers (1)
Three categories of economic activities included in the business services sector of the economy include
Answers (1)
As a manager in her firm, Lucy concerns herself with the effectiveness of internal controls. Her main focus is how efficient and effective the company's internal controls are over time. Which component of internal control is Lucy engaging in?
Answers (1)
Russell Co. received a $520 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. What is the general journal entries will Russell Co.
Answers (1)
Which is NOT a money management skill discussed in the reading material? a) Estimating expenses b) Managing your time in a healthy manner c) Formulating a budget d) Saving for emergencies
Answers (1)
New Questions in Business
The demand for salt is inelastic, and the supply of salt is elastic. The demand for caviar is elastic, and the supply of caviar is inelastic.
Answers (1)
A match is an example of something that stores what?
Answers (1)
For the following statement, state the relevant elasticity and state what its value should be (negative, positive, greater than one, zero, and so on). The demand for European vacations increases during times of rising incomes. a.
Answers (1)
What are the two basic parts of a management plan?
Answers (1)
I need answers a, b, c, or d
Answers (2)