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Practice Development Series: Myths About the Hearing Aid Market

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1.  In 2012, economic estimates (i.e, practical rate) indicate that the adoption rate for hearing aids is __________ %.
  1. 24.60
  2. 35.21
  3. 46.78
  4. 51.28
2.  The hearing aid market is inelastic, which means that the end user is _________ to changes in price.
  1. Responsive (i.e., sensitive)
  2. Not responsive (i.e., insensitive)
  3. Indifferent
  4. Hostile
3.  Which of the following hearing aid factors is least important to the end user?
  1. Satisfaction
  2. Price
  3. Understanding speech in noise
  4. Sound quality
4.  From an economic standpoint, which factors will not increase the demand function from inelastic closer to elastic?
  1. over-the-counter devices
  2. Price bundling
  3. Lower retail prices
  4. Education
5.  Based on economic estimates, the Hearing Aid Tax Credit is estimated to increase adoption rates by between_________ and__________ million.
  1. 5, 1.2
  2. 2.0, 5.6
  3. 7.5, 11.0
  4. 13.3, 18.7
6.  To increase total revenue for an elastic demand, prices should be _________ .
  1. Unchanged
  2. Decreased
  3. Increased
  4. Adjusted using intuition
7.  Hearing aid users are more likely to purchase a hearing aid when
  1. Advertisements indicate real world benefit
  2. Prices are unbundled
  3. None of the above
  4. All of the above
8.  Which of the following statements is false?
  1. Hearing aids are more expensive today than in previous years
  2. Hearing aids are more technologically advanced today than in previous years
  3. Hearing aid adoption rates today are essentially the same compared to previous years
  4. none of the above
9.  Which of the following statements is true?
  1. Inexperienced listeners purchase hearing aids because of the advances in technology
  2. Inexperienced listeners are enticed to purchase devices when manufacturer terminology is used in advertisements
  3. Inexperienced listeners are willing to pay more for rehabilitation and counseling efforts than experienced listeners
  4. Inexperienced are willing to pay the same price for the same device as experienced listeners when retail price is bundled
10.  Lowering the retail price of a device will result in
  1. Marked increases in total revenue
  2. Market increased in the quantity of devises sold
  3. Greater satisfaction for the end user
  4. None of the above