Spell Out the Following Abbreviations

question 22

Short Answer

Spell out the following abbreviations.
-MOAB: __________

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Definitions:

Law Of Demand

The principle that, other things equal, an increase in a product’s price will reduce the quantity of it demanded, and conversely for a decrease in price.

Price-Elasticity Coefficient

A numerical measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.

Elastic

A term in economics that describes the sensitivity of demand or supply to changes in price or income.

Price Range

The spread between the lowest and highest price at which a product or service is offered in the market.