Which of the Following Organizations Is More Likely to Experience

question 15

Multiple Choice

Which of the following organizations is more likely to experience wide fluctuations in demand?

• A) Dentist
• B) Hospital
• C) Carwash
• D) Stockbroker
• E) Interior decorator

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Definitions:

Price of Steel

The price of steel is the cost for a specific weight or quantity of steel, a crucial material in construction, manufacturing, and infrastructure projects, influenced by factors such as market demand, production costs, and global economic conditions.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition without surplus or shortage.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the amount sellers are willing to sell equals the amount buyers are willing to buy.

Supply Curve Shift

A change in the position of the supply curve, either to the left or right, indicating a change in the quantity supplied at every price level, due to factors other than price.