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Define Elasticity of Demand.
Define Elasticity of Demand.
- The measure of how sensitive the quantity demanded of a good is to a change in income.
- The measure of how sensitive the quantity demanded of a good is to a change in price. (correct)
- The measure of how sensitive the quantity supplied of a good is to a change in income.
- The measure of how sensitive the quantity supplied of a good is to a change in price.
What are the factors affecting Elasticity of Demand?
What are the factors affecting Elasticity of Demand?
- Price of the good, income level, availability of substitutes. (correct)
- Price of the good, production costs, market competition.
- Price of the good, consumer preferences, government regulations.
- Price of the good, advertising expenditure, brand loyalty.
Define Demand Forecasting.
Define Demand Forecasting.
- The process of analyzing past demand for a product or service.
- The process of determining current demand for a product or service.
- The process of predicting demand for a product or service based on market trends.
- The process of estimating future demand for a product or service. (correct)
What are the determinants of supply?
What are the determinants of supply?
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Define Price Elasticity.
Define Price Elasticity.
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Which of the following best defines elasticity of demand?
Which of the following best defines elasticity of demand?
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What is the law of demand?
What is the law of demand?
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Which of the following is an exception to the law of demand?
Which of the following is an exception to the law of demand?
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What are the factors affecting elasticity of demand?
What are the factors affecting elasticity of demand?
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What is the law of supply?
What is the law of supply?
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