Steepens the slope of demand curve to be more inelastic

Economics Jan 19, 2021

Steepens the slope of demand curve to be more inelastic. Match the concept and definition with the choices below.

A) When prices fall, people choose to buy more.

B) Substitution

C) Persons will buy more at every price.

D) When demand elasticity is "elastic" or something like -1.7

E) A strategy for increasing profit

F) Customer loyalty programs

Expert Solution

The correct option is F) Customer loyalty programs.

Through customer loyalty programs, businesses create brand loyalty. Due to this, customers are reluctant to stop buying the products of the firm even when the prices go up. This is representative of inelastic demand.

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