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What factors can cause shifts in the excess demand curve for a particular product or service?
Shifts in the excess demand curve for a product or service can be caused by changes in factors such as consumer preferences, income levels, prices of related goods, advertising, and government policies. These factors can influence the overall demand for the product or service, leading to shifts in the excess demand curve.
How can one determine the elasticity of a product or service?
One can determine the elasticity of a product or service by analyzing how changes in price affect the quantity demanded. If a small change in price leads to a large change in quantity demanded, the product or service is considered elastic. If the change in price has little effect on quantity demanded, the product or service is considered inelastic.
What does someone have if they create a monopoly of a market for a particular product have?
total control.If someone creates a monopoly of market for a particular product, they have nearly all control over the sales and distribution of that product. This is bad for consumers, as it generally means high prices without the ability to shop around for a cheaper product or service.
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
How can one create a demand curve for a product or service?
To create a demand curve for a product or service, one must analyze the relationship between the price of the product or service and the quantity demanded by consumers. By conducting market research, collecting data on consumer preferences, and observing how changes in price affect demand, a demand curve can be plotted to show the quantity of the product or service that consumers are willing to buy at different price points.
What factors can cause shifts in the excess demand curve for a particular product or service?
Shifts in the excess demand curve for a product or service can be caused by changes in factors such as consumer preferences, income levels, prices of related goods, advertising, and government policies. These factors can influence the overall demand for the product or service, leading to shifts in the excess demand curve.
How is the usage rate calculated for a particular product or service?
The usage rate for a product or service is calculated by dividing the total number of times the product or service is used by the total number of potential users, and then multiplying by 100 to get a percentage.
What is definition of stimulation marketing?
the act of conditioning or influencing the market with a particular product or service
How can one determine the elasticity of a product or service?
One can determine the elasticity of a product or service by analyzing how changes in price affect the quantity demanded. If a small change in price leads to a large change in quantity demanded, the product or service is considered elastic. If the change in price has little effect on quantity demanded, the product or service is considered inelastic.
Definition of consumer awareness?
Consumer awareness is being aware of the product and company you are buying or buying from. It is doing your research before you buy a particular product or service.
What does someone have if they a monopoly of a market for a particular product?
total control.If someone creates a monopoly of market for a particular product, they have nearly all control over the sales and distribution of that product. This is bad for consumers, as it generally means high prices without the ability to shop around for a cheaper product or service.
What is specialty sales people?
is a person who specializes in the sales of a product or service that is unique, one of a kind, distinctive or of particular superiority
What does advetisement mean?
Advertisement is the form of communication intended to persuade an audience to some action. It includes the name of the product or service & how that product or service could benefit the consumer to persuade potential customers to purchase or to consume that particular brand.
What is judgemental sampling?
nInvolves selecting a group of people because they have particular traits that the researcher wants to studyne.g. consumers of a particular product or service in some types of market research
What does demand schedule show?
A demand schedule shows a listing of the various quantities demanded of a particular product at all prices that might prevail in a market.
What does someone have if they create a monopoly of a market for a particular product have?
total control.If someone creates a monopoly of market for a particular product, they have nearly all control over the sales and distribution of that product. This is bad for consumers, as it generally means high prices without the ability to shop around for a cheaper product or service.
Implication of marketing?
The implication of marketing is seen in various aspects. This will definitely influence the number of customers who buy a particular product or service.
