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VMariaS [17]
2 years ago
12

The relationship between the price of a good or service and the quantity demanded of that good or service described by the law o

f demand is
Business
1 answer:
Klio2033 [76]2 years ago
8 0

This relationship described between the price and the quantity demanded is known as the <u>Price Elasticity of Demand (PED). </u>

<h3>What is the Price Elasticity of Demand?</h3>
  • It is a measure that shows the relationship between the price of a good and the quantity demanded of it.
  • Shows how sensitive quantity demanded is to a change in price.

When the PED is less than 1, it means that a change in price doesn't affect the quantity demanded as much. When it is more than 1, a change in price will lead to an even higher change in quantity demanded.

In conclusion, this is the Price Elasticity of Demand.

Find out more on PED at brainly.com/question/9235198.

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Other things equal, the demand for a good tends to be inelastic (less elastic), the longer the time period considered. more the
Marta_Voda [28]

Other things equal, the demand for a good tends to be more inelastic A) the fewer the available substitutes.

Inelastic merchandise is usually necessities without applicable substitutes. The maximum commonplace goods with an inelastic call for are utilities, pharmaceuticals, and tobacco products. companies imparting such merchandise hold greater flexibility with prices because demand stays constant even if fees boom or decrease.

Inelastic is a monetary term regarding the static amount of a terrific or service while its price adjustments. The inelastic manner that when the rate goes up, customers' shopping for habits live about the same, and when the rate goes down, consumers' shopping for conduct additionally remains unchanged.

An elastic call for is one in which the exchange in quantity is demanded because of exchange in rate is huge. An inelastic call is one in which the change in the amount demanded due to an alternate in charge is small.

Learn more about inelastic here brainly.com/question/7694106

#SPJ4

8 0
2 years ago
Write an essay about Reception and basic etiquette of
Dmitriy789 [7]

Answer:

The reception of the organization is the first place that a visitor sees. It is first observation of any visitor and then a perception is created about the whole organizations. The staff at reception must be well dress according to the organization rules.

Explanation:

The staff should be polite and speak gently to every one. There should be a culture of greeting every one in the organization this is the basic and an important etiquette. The workplace of every individual should be clean and the files and papers should be arranged properly. Everyone should speak politely to each other so that the other staff working in office does not gets irritated.

5 0
3 years ago
Assume that a change in government policy results in greater production of both consumer goods and investment goods. We can conc
dolphi86 [110]

Assume that a change in government policy results in greater production of both consumer goods and investment goods. We can conclude that the economy was not employing all of its resources before the policy change.

Explanation:

Policies by government will affect economic growth

Government policies have a major role to play in encouraging (or deterring) economic growth. Economic policies that lead to economic growth include:

Investing in infrastructure:

Infrastructure, such as highways or bridges, is tangible capital available to all. Governments are increasing their capital stock in the country by investing in infrastructure.

Productivity and labor participation strategies :

Promoting a higher rate of labor participation, for example labor participation tax incentives, will lead to even more economic growth.

Policies promoting accumulation of capital and technological advancement:

Savings-enhancing strategies that lead to higher growth and thus capital investments. Strategies that encourage technological innovation, such as research and development tax credits, often lead to increased economic growth.

8 0
3 years ago
According to lawrence and lorsch, the stability of an organization's environment determine(s) the degree of ____.
Paul [167]
<span>According to Lawrence and Lorsch, the stability of an organization's environment determine(s) the degree of differentiation or integration that is necessary. 

Lawrence and Lorsch developed the contingency theory which involves organizations and changes in the environment. They watch how organizations change and perform based on what is changing around them and then how they adapt to the change. 
For them, differentiation is defined as organization systems breaking into smaller subsystems. Integration is defined as how well the subsystems work together to complete the overall task of the organization. 
</span><span />
8 0
3 years ago
Producers often use ________ as a primary basis for setting prices on the goods and services they offer the public. tariffs cost
valina [46]

Answer: cost

Explanation: In simple words, cost refers to the total amount of resources used by an organisation for preparing its relative commodity to sell it to the ultimate customer. It is the sum of expenses incurred for the generation of revenue.

It is the total outflow of resources,therefore , the producers often use it for setting prices so that they can generate the amount of profit they are targeting for.

Hence we can conclude that the correct answer is cost.  

5 0
3 years ago
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