1. Demand for a product will be inelastic if: ?
A. the product has a number of different uses.
B. the product can be repaired and replaced or prolonged in its use. ?
C. many substitute products are available in the market.
D.? its price is so low that it is an inconsequential part of an individual's budget.
2. Identify a true statement about status quo pricing.?
A. ?It gives great importance to the demand and costs of a product.
B. ?It can lead to a pricing disaster.
C. It leads to optimal pricing of a product.