There is no need to allocate property rights in a market-based firm

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

A) buyers of steel are less sensitive to a price change if they have more time to adjust to the price change. B) profits will fall by a greater amount in the long run than in the short run. C) buyers of steel are more sensitive to a price change if they have more time to adjust to the price change. D) sales revenue in the building industry will fall sharply.

____ is a new product pricing strategy which results in a high initial product price. This price is reduced over time as demand at the higher price is satisfied

a. Prestige pricing b. Price lining c. Skimming d. Incremental pricing e. None of the above