Joe is an athlete who plays a variety of sports that all require various athletic shoes. He has a favorable attitude toward Nike shoes. This favorable attitude is called brand
A) loyalty.
B) recognition.
C) preference.
D) insistence.
E) equity.
Question 2
Which of the following statements about price elasticity is false?
A) Steak is an example of a product that has an elastic demand for most people, because when price goes up quantity demanded goes down proportionally.
B) Elasticity of demand is the relative responsiveness of a change in quantity demanded to changes in price.
C) If marketers can determine price elasticity, then setting prices at optimum levels is much easier.
D) When price is raised on a product that has an inelastic demand, then total revenue will decrease.
E) A product like electricity has an inelastic demand.
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