5 Questions
Which of the following best defines elasticity of demand?
The measure of how responsive quantity demanded is to a change in price
What is the law of demand?
As the price of a good increases, the quantity demanded decreases
What are the factors affecting elasticity of demand?
Price of the good, availability of substitutes, and luxury of the good
What is demand forecasting?
The process of estimating future demand for a product or service
What is the law of supply?
As the price of a good increases, the quantity supplied increases
This quiz will test your knowledge on important concepts related to demand elasticity and demand forecasting. Topics covered include the definition and types of elasticity of demand, the law of demand and its exceptions, measurement and significance of elasticity of demand, factors affecting elasticity of demand, and the characteristics of a good demand forecasting. Sharpen your understanding of these key concepts and improve your decision-making skills in this quiz.
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