The Statement "Other Things Being Equal" in the Law of Demand

question 57

Multiple Choice

The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT

• A) consumer income.
• B) the price of the good concerned in the law of demand.
• C) the prices of substitutes.
• D) tastes and preferences.

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Definitions:

Return on Investment

A financial metric used to evaluate the efficiency or profitability of an investment, calculated by dividing the benefit (return) of an investment by its cost.

Profitability

The state of yielding financial profit or gain, an essential measure of a company's success.

Opportunity Cost

The cost of missing out on the next best alternative when making a decision; a crucial concept in economics and decision-making.

Brand's Social Media Activity

All actions and engagements a brand undertakes on social media platforms, including posting content, interacting with users, and promoting products.