If demand changes considerably, with a small change in price, the demand is said to be ________.
A. unit elastic
B. elastic
C. inelastic
D. marginal
E. strained
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JJ pays overhead each month, including his company's bills for rent, heat, interest, and salaries, which are examples of ________ costs.
A. total
B. average
C. activity-based
D. variable
E. fixed
Costs that differ directly with the level of production are known as ________ costs.
A. fixed
B. overhead
C. opportunity
D. target
E. variable
The decline in the average cost of production with accumulated production experience is called the ________.
A. demand curve
B. supply chain
C. learning curve
D. value chain
E. indifference curve
Which of the following is the most elementary pricing method?
A. value pricing
B. going-rate pricing
C. markup pricing
D. target-return pricing
E. perceived-value pricing