Reference no: EM131435769
1. In which of the following situations would a firm most likely pursue a low-cost leader strategy?
There are no competitors in the market and the firm is the market leader.
The nature of its products does not allow the firm to maintain a volume advantage in the market.
The company's product is a niche product and appeals to only a few customers.
The market is quality-sensitive rather than price-sensitive.
The firm can minimize its operational expenses in order to sell higher volumes of products
2. Latex gloves come in cases of 100. Last month ABA's sales rose from 200 gloves to 400 gloves; CCG;s sales rose from two (2) cases to four (4) cases. Both equal a 100 percent increase.
True
False
3. Most estimates of the income elasticity imply that consumption of medical products increases with income.
True
False
4. An income elasticity of 0.45 for all medical products implies that consumption will be higher among low-income groups than among high-income groups.
True
False
5. In-patient days per 1,000 residents are 355 in Arkansas and 379 in Missouri. Median household income is $38,134 in Arkansas and $45,114 in Missouri. The arc income elasticity of in-patient days is
0.37
0.39
0.41
0.62
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