Price Elasticity Can Be Estimated by Sampling a Group of Consumers

Multiple Choice

Price elasticity can be estimated by sampling a group of consumers from the target market and polling them about various price/quantity relationships. Which of the following observations concerning this approach is true?

A) This approach is limited to the consideration of price changes.
B) This approach is inexpensive.
C) There is some question as to the validity of subjects' responses.
D) The crude estimate of price elasticity is not a useful input for pricing decisions.