Asked by MARIA URIEL CIFRA on May 19, 2024
Verified
Price elasticity is the term used to describe the impact of price changes on sales volume.
Price Elasticity
An indicator of the sensitivity of the amount of a good demanded in response to its price changes.
- Understand the critical role of identifying customer preferences in guiding strategic decisions.
Verified Answer
AM
Anwar MarounMay 21, 2024
Final Answer :
True
Explanation :
Price elasticity measures how sensitive customers are to changes in price. It examines the relationship between a change in price and the resulting change in the quantity demanded by consumers. Therefore, price elasticity is indeed the term used to describe the impact of price changes on sales volume.
Learning Objectives
- Understand the critical role of identifying customer preferences in guiding strategic decisions.
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