Wages for unskilled labor. Can partners limit the right of a partner to commit their partnership to contracts? C) They decrease per unit as production volume increases. The perceived value of different product offers can be reasonably assessed by ________. Each of the 275 units sold was sold for a price of $95. In order to achieve this result, he will most likely use which of the following pricing approaches? We use cookies to ensure that we give you the best experience on our website. Expense that stays the SAME from month to month. Fixed operating expenses are the actual costs associated with operating a property that do not vary in the short term. No individual shop dares charge more than the going price without fearing loss of business to other shops. Question: Which of the following is a fixed cost? Expense that CHANGES from month to month. We review their content and use your feedback to keep the quality high. Fixed costs have to be paid at any cost. C. variable expense per unit increases. Car insurance can be a fixed expense as long as the policy holder avoids any incidents. 100) DivetheBlue, a company marketing deep-sea diving equipment, charges very high prices for its products. Labor costs are estimated between $345 and $435 while parts are priced between $1,184 and $1,408. As production workers become better organized and more familiar with equipment, the average cost per unit tends to decrease with the ________. PoolPak specializes in and differentiates itself through both cutting-edge technologies used to build its high-value climate control systems as well as seamless quality service. This is a periodic premium paid under the agreement of policy. Fixed Cost is definite; it will incur even when there is no units are produced. a government payment that supports a business or market. Internet expenses, etc. Alexander Holmes, Barbara Illowsky, Susan Dean, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Divide. Wages for unskilled labor. Which of the statements below is most consistent with the shape of the total cost curve? The larger the output, the greater the quantity of output over which fixed cost is spread, leading to lower average fixed cost . Fixed costs are expenses related to your company's products or services that must be paid regardless of sales volume. He. Those two types are, Some costs do not vary with the quantity of output produced. Answers: Expenditures for raw material. (A good example of this is your electric bill. ________ refers to the amount of money charged for a product or service. Compute Naple's net income under absorption costing. ________ pricing refers to offering just the right combination of quality and gratifying service at a fair price. The company's customers are more concerned about service support for maintaining their systems than the initial price of the product. c. $28,500. How much overall income would give Jackie a profit of exactly zero economically. Refer to Figure 13-1. In addition to overhead for your company's office or manufacturing facility, rent for that space may also be considered. The simplest pricing method is ________ pricing. \begin{matrix} ________ pricing uses buyers' perceptions of value as the key to pricing. Which of the following exemplifies a pure competitive market? Which of the following choices correctly classifies a committed fixed cost and a discretionary fixed cost? Here are several examples of fixed costs: Amortization. If you continue to use this site we will assume that you are happy with it. Rent is a fixed expense. -$3,875. XYZ corporation produced 300 units of output but sold only 275 of the units it produced. The long-run average cost (LRAC) curve indicates the ________. a. This exemplifies its ________ costs. Why does total contribution margin decrease if unit sales are unchanged? Depreciation is a fixed cost, because it recurs in the same amount per period throughout the useful life of an asset. Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus, Don Herrmann, J. David Spiceland, Wayne Thomas, In Exercises $1$ through $16$, compute the indicated functional value. $$ When marginal cost is less than average total cost. Experience-curve pricing assumes that ________. Which of the following are a fixed cost of doing business? Retailers such as Costco and Walmart charge a constant, daily low price with few or no temporary price discounts. The cost of each machine is $20 per day regardless of the number of corks produced. Azure Air, an airline company, offers attractive prices to customers with tighter budgets. A fixed cost, on the other hand, is a cost that a company must pay regardless of whether it produces one or a million goods. Total mixed cost = (Variable cost per unit x Number of units) + Total fixed cost. Fixed costs are the costs that remain fixed in a period of time regardless of either your business is making profits or not, or your sales reach the target or not. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. When companies set prices, the government and social concerns are ________ factors affecting pricing decisions. The company justifies the high price of the drug by claiming that it is highly effective for treating all kinds of ulcers. A production function is a relationship between, The magical product of labor can be defined as. Fixed costs can include property taxes, rent, salaries and the cost of benefits for non-sales and management personnel. Utilities the cost of electricity, gas, phones, trash and sewer services, etc. This is an example of ________ pricing. Fixed costs do not vary with the production level. Variable expenses are inconsistent costs that vary depending on the choices you make. Parkers controller suggests that a generous sales discount policy would increase annual sales to 2,000 units In other words, it is a cost that remains constant, even as output rises. Which of these assumptions is often realistic for a firm in the short run? A fixed variable expense is a cost that you pay every month, but the amount can change from month to month. The average cost of production for each unit of output produced was $100. Variable Expense. Total profit for the XYZ corporation would be. In Via del Mar, Chile, a large number of shops specialize in selling the same quality of seafood products along the beach frequented by tourists. Which of the following is a cost-based approach to pricing? total cost divided by the number of units produced. (Select 3 answers.) These prices are neither limited-time offers nor special discounts, but represent the daily prices of products sold by Bon Vivant. 4 Which example is a fixed expense quizlet? To obtain the break-even point in terms of dollar sales, total fixed expenses are. Which of the following is most likely a risk associated with experience-curve pricing? Promotion Management salaries B. See Answer Which of the following is a fixed cost? Which of the following is an internal factor that affects pricing decisions in a company? Target return pricing uses the concept of a(n) ________, which shows the total cost and total revenue expected at different sales volume levels. A. $26,125. D. variable expense per unit decreases. Jackie is the owner and operator of a website design company. This problem has been solved! Fixed costs of production are constant, occur regularly, and do not change in the short-term with changes in production. What total revenue would result in Jackie having an accounting profit of only zero? B) They are fixed in total. This reflects Bon Vivant's ________ pricing strategy. What is the conjugate percent of $48\%$? Who are the experts? C) Value-based pricing involves setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for its effort and risk. Question: which of the following is a fixed cost? Fixed costs are less controllable than variable costs because they aren't based on volume or operations. Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value. take advantage of the discount. .Advertisements. Examples of fixed costs are rent and insurance payments, property taxes, and employee salaries. D) They are fixed per unit and vary in total., Which of the following is a fixed cost? Fuel cost. This exemplifies ________. However, utilities are generally considered fixed costs, since the company must pay a minimum amount regardless of its output. Variable Expenses. Answers: Expenditures for raw material. PoolPak's prices are very high, but demand for its climate-control systems seems to be forever on the rise. Jackie is aware that if she didn't own her own business, she could go back to her prior position at a significant software company, where she would receive a salary of $\$ 60,000$annually. Expert Answer. $$ If management incentives are tied to income under absorption costing, which of the following may occur. A pharmaceutical company in Utah recently released a new and expensive anti-ulcer drug in the market. It's a cost that remains constant, in total, regardless of changes in the level of activity within the relevant range. A) Direct materials cost B) Direct labor cost C) Straight-line . As Al's Radiator Company adds workers while keeping the same amount of machinery, some workers may be underutilized because they have little work to do while waiting in line to use the machinery. Cost of goods sold is $6 per unit. To purchase the mowers and the trailer to transport the mowers, John withdrew $1,000 from his savings account, which was earning 3% interest, and borrowed an additional $2,000 from the bank at an interest rate of 7%. A) They vary per unit. 13) Which of the following processes does value-based pricing reverse? \text{Factory overhead costs} \ldots\ldots\ldots & \text{24,000}\\ per unit. If the controller is correct, determine how much the new sales discount policy would add to Variable costs may include labor, commissions, and raw materials. ________ involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk. straight-line depreciation, insurance, property taxes, supervisory salaries, admin salaries, advertising, rent, Since fixed costs remain constant in total, the average fixed cost per unit becomes progressively smaller as the level of activity increases. Experts are tested by Chegg as specialists in their subject area. She upgrades her computer hardware at a cost of $\$ 5,000$per year in order to stay current with new technology. b. capital received in excess of the par value of issued shares. Total Fixed Costs A company's total fixed costs are the sum of all fixed, non-variable expenses it must pay. Utilities- the cost of electricity, gas, phones, trash and sewer services, etc. uhc 2023 certification quizlet The average cost for rack and pinion replacement is between $1,528 and $1,843. A no-frills airline, it charges for all other additional services, such as baggage handling and in-flight refreshments. Marginal costs are a function of the total cost of production, which includes fixed and variable costs. Fuel cost. Under ________, the market consists of many buyers and sellers trading in a uniform commodity. Variable costs for Jan's lemonade stand now include the cost of, The amount by which total cost rises when the firm produces one additional unit of output is called. How to Market Your Business with Webinars? C.the fixed costs and the variable cost per unit will not change. In industrial markets, ________ typically has the final say in setting the pricing objectives and policies of a company. In which situation is the market dominated by one seller? 5 What is the difference between a variable expense and a fixed expense quizlet? She had the option of renting the space out for $\$ 2,000$a year if she didn't utilise it as her office for business. For instance, Tom owns a small manufacturing company that makes parts for small jets. Amortization expense of $10,000 will be incurred as a fixed cost in books. John has decided to start his own lawn-mowing business. Definition: A fixed cost is an expense that does not change as production volume increases or decreases within a relevant range. B. Assume the number of machines does not change. Parker Electronics sells cell phones. Other loan payments. Which is an example of a fixed expense quizlet? Jackie has no additional costs. The cost of each machine is $20 per day regardless of the number of corks produced. For example, the cost of insuring the factory building is a fixed cost irrespective of the number of units produced within the factory. Sensing market demand for the electric toothbrush, Elmo started with an ideal selling price of $3 based on customer value considerations and then targeted costs to ensure that the price was met. How are marginal costs and average fixed costs related quizlet? This exemplifies ________. Food, for example, can be a variable personal expense, with people spending more or less each month. A) The targeted value and price drive decisions about what costs can be incurred and the resulting product design. Each worker at Gallo's cork factory costs $12 per hour. Total profit for the XYZ corporation would be a. Price setting is usually determined by ________ in large companies. A computer for recording customer and order information A monthly fee for a flea market booth A radio ad What are variable costs? Which of the following is true with regard to price? She operates the company out of a home office. What is the difference between a variable expense and a fixed expense quizlet? 1 / 44 XYZ corporation produced 300 units of output but sold only 275 of the units it produced. With accumulated production experience and a higher volume of production, companies not only become more efficient but also ________. Consider a company that pays $10,000 per month for office space, $5,000 per month for machinery, and $1,000 per month for utilities. Bon Vivant offers an assortment of exclusive French wines at incredibly low prices. Which of the following is an implicit cost? Refer to Figure 13-2. What is the difference . What is John's annual opportunity cost of the financial capital that has been invested in the business? If a firm experiences constant returns to scale at all output levels, then its long-run average total cost curve would. Total fixed costs for the company would be $16,000 in this case. Round answer to the nearest tenth of a cent. Is manufacturing cost fixed or variable? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. In industries in which pricing is a key factor, ________ often set the best prices or help others in setting them. Fixed selling expenses are $10,000 and variable selling and administrative expenses are $3 per unit. Fixed Cost A cost that does not change of goods is produced Variable Cost cost that rises or falls depending on the quantity produced Total Cost cost of producing one more unit of a good Marginal fixed variable producing one more unit of a good Marginal Revenue Additional income from selling one more unit for a good sometimes equal to price This is the gradual charging to expense of the cost of an intangible asset (such as a purchased patent) over the useful life of the asset. This answer has been confirmed as correct and helpful. Refer to Figure 13-2. Companies that adopt value-added pricing ________. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition. This exemplifies ________. Target return pricing is a variation of which of the following cost-oriented pricing approaches? In an effort to differentiate its offerings from its competitors, Pegasus Computers decided to add an extra USB port in all its laptops besides providing a free pair of Delphi power bass headphones with every Pegasus laptop. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? ________ is the only element in the marketing mix that produces revenue. Despite the availability of many low-priced products in the market, customers seem to prefer DivetheBlue, which has earned a reputation for selling high-quality products. Committed Discretionary A. As production moves up, the average cost per unit decreases because ________. a. gains and losses on revaluation of property, plant, and equipment. Which of the following is an external factor that affects pricing decisions in a company? \end{matrix} Total fixed costs remain the same, within the relevant range. Car payments. Each worker at Gallo's cork factory costs $12 per hour. $490,000. What is an example of a fixed cost quizlet? However, the fixed cost per unit decreases as production increases, because the same fixed costs are spread over more units . Fixed costs in accounting are costs that remain the same, and are not impacted by production levels. The movie industry in a country is controlled by six large studios that receive 90 percent of the annual revenues from movies. Which of the following statements best captures the nature of the underlying production function? Which of the following shows the number of units the market will buy in a given time period, at different prices that might be charged? By contrast, variable expenses can change. If a fixed cost is expressed on a per unit basis, it varies inversely with the level of activity. \text{Direct labor} \ldots\ldots\ldots & \text{63,150}\\ Can such an agreement be binding *(a)* on the partners and *(b)* on outsiders? $11.72$\div$ 510, Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. More : Which of the following is most likely a fixed cost? What is an amortization expense on an insurance policy? Price setting is usually determined by ________ in small companies. Some of the business is like website design, tax preparation, etc. Wages paid to workers however can vary as the number of workers increase or decrease. Store's employees salary. net sales and gross margin. This is an example of a(n) ________. Which of the following involves introducing less-expensive versions of established, brand name products? Within the relevant range, if there is a change in the level of the cost driver then A. Refer to Figure 13-3. \text{Work in process, Dec. 31, 2017} \ldots\ldots\ldots & \text{142,750}\\ Which of the following is true of a pure competitive market? Fixed cost for a store can be: Store's Rent. Insurance payment of the equipment in the store. If a business employs a usage-based depreciation methodology, then depreciation will be incurred in a pattern that is more consistent with a variable cost. This exemplifies ________. d. $30,000. What is a mental disorder characterized by binge eating followed by purging? Depreciation cannot be considered a variable cost, since it does not vary with activity volume.However, there is an exception. Fixed costs are expenses that have to be paid by a company . Multiple Choice. A fiscal year at a total cost of an advertising campaign dedicated to one specific is. what are two key differences between Committed and Discretionary Fixed Costs? The Latest Innovations That Are Driving The Vehicle Industry Forward. Following joint replacement labor, direct materials and labour prices spike, causing inflation wages. Property insurance is a common example of a fixed operating cost. Which of the following costs of publishing a book is a fixed cost? CONTINUE READING BELOW What are 4 examples of fixed costs? If Gallo's produces at a rate of 78 corks per hour, what is the total machine cost per day? These costs do not change with a property's occupancy rate. 1 Which one of the following is a fixed expense? We can also conclude that fixed costs are not relevant for production decisions. $$. Fixed cost arising from annual decisions by management to spend in certain areas, such as advertising and research Which of the following involves setting prices based on a rival firm's strategies, costs, prices, and market offerings? **Required:** As the number of workers increases. PoolPak produces climate-control systems for large swimming pools. Fixed costs are those which are fixed for the production period. Which one of the following is a fixed expense? The shampoo used to groom pets The yarn used to make a scarf Which of the following are examples of fixed costs? Whats the difference between fixed and variable expenses? b. Which of the following could explain why the total product curve shifted in this diagram? Each unit cost Parker$350. There are not many discretionary fixed costs, but they can be quite large, and so are worth considerable ongoing review by management. Which example is a fixed expense quizlet? Building depreciation Charitable contributions C. Management training Property taxes D. Equipment rentals Equipment depreciation E. Research and development Advertising Which of the following pricing strategies is the pharmaceutical company most likely using in this instance? A total-cost curve shows the relationship between the. Total fixed costs and total variable costs will remain the same C. For Firm A, when four units of output are produced, the total cost is $175 and the average variable cost is $33.75. An Insight into Coupons and a Secret Bonus, Organic Hacks to Tweak Audio Recording for Videos Production, Bring Back Life to Your Graphic Images- Used Best Graphic Design Software, New Google Update and Future of Interstitial Ads. Which of the following is true with regard to value-added pricing? See Answer See Answer See Answer done loading. To an economist, it is conceivable that the objective that motivates an individual entrepreneur to start a business arises from. How do I know what size my Redshift table is? Meanwhile, you always need to pay your electric, water, or any other utility bill, making it a fixed cost a staple in your budget.). Total fixed costs and total variable cost will change B. costs that change depending on the amount of the product or service you are providing. and also improve cash flow. When marginal cost exceeds average total cost, Total cost can be divided into two types of costs. The average cost of production for each unit of output produced was $100. Department stores such as Kohl's and Macy's practice high-low pricing by ________. A fixed variable expense is a cost that you pay every month, but the amount can change from month to month. flow. Fixed expenses are different from variable expenses because fixed expenses are consistent cost that need to be paid at specific times. Rent, for example, is an example of a fixed cost that must be paid regardless of how many goods the company produces and sells. What can fixed costs sometimes be referred to? However, utilities are generally considered fixed costs, since the company must pay a minimum amount regardless of its output. Which of the following is a fixed cost? Examples of fixed cost are rent, tax, salary, depreciation, fees, duties, insurance, etc. Which of the following is most likely a fixed cost? What sets the ceiling for product prices? A downward-sloping experience curve is indicative of ________. Fixed Expense. Fixed costs that are difficult to change in the short term and that relate to the investment in facilities, equipment, and basic organizational structure of a firm, Fixed cost arising from annual decisions by management to spend in certain areas, such as advertising and research. If Gallo's produces at a rate of 35 corks per hour, what is the total labor cost per hour? Can someone help me by describing each design? If demand hardly changes with a small change in price, the demand is ________. If demand changes greatly with a small change in price, the demand is ________. During 2019, Parker sold 1,500 units at an average of $500 \text{Work in process, Dec. 31, 2016} \ldots\ldots\ldots & \text{157,600}\\ On the other hand, companies where physical assets are required at large will have high fixed assets such as airlines, auto manufacturers, etc. d. fair value differences. Refer to Table 13-3. \text{Direct materials} \ldots\ldots\ldots & \text{\$190,500}\\ Fixed costs that are difficult to change in the short term and that relate to the investment in facilities, equipment, and basic organizational structure of a firm What is Discretionary Fixed Costs? The learning curve is representative of the ________. A. In the long run for Firm A, total cost is $105 when output is 3 units and $120 when output is 4 units. Explain why the sales discount policy might improve cash At what level of output will average variable cost equal average total cost? Study with Quizlet and memorize flashcards containing terms like 1. Straight-line depreciation, insurance, property taxes, rent, supervisory salaries, administrative salaries, and advertising are all examples of fixed costs. Each of the 275 units sold was sold for a price of $95. Elmo Inc., a global conglomerate, designed the ElBrush, an electric toothbrush. g(x, y)=\frac{y}{x}+\frac{x}{y} ; g(1,2), g(2,-3) A decision to position the product on high-performance quality will mean that the ________. Which of the following is true about the demand curve? b. Property Taxes. Rent is a fixed expense. Overhead is one type of fixed cost. $$. Bruno Servers has decided to decrease its prices on its popular higher-range servers. Descriptions: Which of the following is most likely a fixed cost? Property Taxes. The break-even volume is the point at which ________. When this occurs, Al's Radiator Company encounters, Suppose Jan started up a small lemonade stand business last month. Why is markup pricing most likely impractical? View complete answer on realized1031.com Which of the following is considered an operating expense? Overhead costs ________ as the number of units produced increases. Variable costs are described by which of the following statements? The term reserves is used under IFRS with reference to all of the following except: ________ pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items. This is the gradual charging to expense of the cost of a tangible asset (such as production equipment) over the useful life of the asset. a. dependent variable b. independent variable c. slope parameter d. intercept parameter d. intercept parameter What does activity refer to in the formula: total cost = fixed cost + variable cost per activity x # activity? They are one of three types of costs incurred by most businesses. Under ________, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price. Lawyers, accountants, and other professionals typically price by adding a standard markup for profit. Why is markup pricing most likely popular? Cost that does not change no matther how much of goods is produced, A cost that does not change of goods is produced, cost that rises or falls depending on the quantity produced, cost of producing one more unit of a good, fixed variable producing one more unit of a good, Additional income from selling one more unit for a good sometimes equal to price. On the other hand, variable cost remains constant in per unit. c 7. c. retained earnings. c. mixed costs What does fixed costs refer to in the formula: total cost = fixed cost + variable cost per activity x # activity? At present, Parker offers no sales discounts. Fixed expenses are your weekly, monthly, or annual bills that dont fluctuate. Fixed Cost: A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold. Average fixed costs are total fixed costs divided by the number of units of output, that is, fixed cost per unit of output. These include things like mortgage or rent payments, car payments, insurance premiums, utility bills, and the average amount you spend on groceries. In producing the 7,000 staplers, the firm's average variable cost was. Which of the following is the right formula for calculating total mixed cost? John assured his venture capitalists an earning of 25-percent return on equity when he began his IT startup. 2. Fixed costs may include lease and rental payments, insurance, and interest payments. D. the fixed costs will remain the same, but the variable cost per unit may change. In producing the 7,000 staplers, the firm's average fixed cost was, Refer to Scenario 13-5. A complement of a percent is the difference of $100\%$ and the given percent. Those costs are called, Refer to Scenario 13-5. This range does not include taxes and fees, and does not factor in your specific vehicle or unique location. Which of the following is true of value-based pricing? Which of the following best describes Azure Air's pricing method? Variable costs may include labor, commissions, and raw materials. Which is an example of a fixed cost business? What are fixed costs in business? 6 Whats the difference between fixed and variable expenses? Fixed costs are unaffected by activity changes, unlike variable costs. 1. which of the following is a fixed cost? Refer to Table 13-3. (A good example of this is your electric bill. 6. Your electric bill will be higher in the winter if you live in a colder climate and lower in the summer months. How much total income must Jackie earn in order for her to desire to continue working for herself? Depreciation. The experience curve reveals that ________. Refer to Table 13-3. The minimum points of the average variable cost and average total cost curves occur where. I've been asked to discuss the strengths and weaknesses of the correlational and experimental research designs. When McDonald's and other fast food restaurants offer "value menu" items at surprisingly low prices, they are most likely using ________ pricing. Assuming that the unit sales are unchanged, the total contribution margin will decrease if: A. fixed expenses increase. Examples of fixed expenses Rent or mortgage payments. Does Firm A exhibit economies or diseconomies of scale? This exemplifies ________. Click the card to flip Under oligopolistic competition ________. Although the additional features increased the price of the laptops by $500, Pegasus was confident that the strategy would help boost demand for its laptops substantially. 7 What is an amortization expense on an insurance policy? In other words, fixed costs are locked in place as long as operations stay within a certain size. Hence it is not considered as a fixed cost. Total mixed cost . B) Value-based pricing is mostly product driven. Sales commissions expense B. Over the long run all costs have cost drivers D. Volume of production is a cost driver of direct manufacturing cost Answer: B 7. To use for allocating indirect costs & quot ; indirect costs associated w ith each cost-allocation base, ( ). How much total revenue must Jackie generate to meet her accountant's definition of break-even? The company can reasonably expect ________ to increase. As a manufacturer increases the price, ________. 30) A company must pay each month's bills for rent, heat, interest, and executive salaries regardless of the company's level of output. This is an example of ________. The company also claims that the new drug will help bring down the need for invasive surgeries, an additional benefit for patients. Which of the following is true with regard to pure competition? Is raw materials a fixed cost? What would the average fixed cost be if ten units were produced? Direct materials cost C. Direct labor cost D. Straightminusline depreciation expense This problem has been solved! A. A discretionary fixed cost is an expenditure for a period-specific cost or a fixed asset, which can be eliminated or reduced without having an immediate impact on the reported profitability of a business. B. fixed expenses decrease. She proposes 3/15, n/20 and believes that 75% of the customers will Companies can legitimately charge a higher price if ________. ________ refers to a measure of the sensitivity of demand to changes in price. 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