Question 1 (Mandatory) (2 points) Price elasticity of demand refers to the O A) responsiveness of quantity demanded in response to price changes. O B) the effect a new competitor has on total industry sales. ( C) willingness of consumers to buy a particular product during periods of excess supply. ( D) willingness of consumers to postpone buying a particular product during periods of excess demand. O E) range of prices within a product category. Question 2 (Mandatory) (2 points) Which of the following pricing strategies can the manager of the Roast 'n Brew coffeehouse follow if she believes the store should have a sales-oriented goal? O A) Avoid price wars. ( B) Reduce price (and cut costs) to build market share. C) Achieve a target return based on last year's sales. O D) Maximize profit in the upcoming year. O E) Stabilize price per cup of coffee