Explain the difference between elastic demand and inelastic demand
What will be an ideal response?
Elastic demand occurs when a change in price results in a substantial change in the quantity demanded. When a change in price has little effect on the quantity demanded, then demand is said to be inelastic.
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All of the following payroll taxes are levied against the employer except
A) FICA taxes. B) federal unemployment taxes. C) state unemployment taxes. D) federal income taxes withheld.
Which of the following statements about personal selling is FALSE?
A. A salesperson is often a representative of the whole company. B. Personal selling is often a company's smallest single operating expense. C. Good salespeople present both the advantages and the disadvantages of their products. D. Helping to buy is good selling.
The price for a Super-Heater X50, a residential water heater, is $372.00 at every store in the greater Atlanta area. The water heater never goes on sale at any of the stores. Super-Heater sells other models of water heaters: the X30 for $301.00 and the
X60 for $408.00. There is no store selling the heaters for a different price either. Other companies' water heaters sell at the retail levels at prices ranging from $299-$603. During sales, those prices drop. Is the Super-Heater pricing mechanism a violation of antitrust laws?
Regions represent the outcomes of centuries of political and cultural history that results in not only ________ but also mutual ________.
A. commonalities; affinities B. similarities; expectations C. differences; expectations D. commonalities; losses