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REGULATORY FORCES: Forces in the marketing environment that depend on various government regulatory agencies that impact how an organization operates on a daily basis. An example is the Federal Trade Commission (FTC), which monitors advertising, deceptive labeling, and false or misleading information. Agencies such as the FTC have powers to enforce regulations through fines and other penalties. Other regulatory agencies are: Food and Drug Administration (FDA), Federal Communications Commission (FCC), Environmental Protection Agency (EPA), and Consumer Product Safety Commission (CPSC).

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Lesson 12: Elasticity and Demand | Unit 1: An Overview Page: 2 of 25

Topic: Price Elasticity Of Demand <=PAGE BACK | PAGE NEXT=>

  • A definition:

  • Price elasticity of demand is the relative response of quantity demanded to changes in demand price.
  • We like to state this as a little formula:

    price elasticity
    of demand
    =percentage change
    in quantity demanded
    percentage change
    in price


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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between the total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is combined with the total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.

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