Which of the Following Is a Determinant of Both Price

question 97

Multiple Choice

Which of the following is a determinant of both price elasticity of supply and price elasticity of demand?

• A) Availability of inputs
• B) Flexibility of the production process
• C) Adjustment time
• D) Degree of necessity

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Definitions:

League of Nations

An international organization established after World War I to promote peace and cooperation among countries, although it ultimately failed to prevent World War II.

World Court

Also known as the International Court of Justice, it is the principal judicial organ of the United Nations, settling legal disputes between states.

Foreign Policy

A government's strategy in dealing with other nations to achieve national objectives, including diplomacy, military action, and trade agreements.

Marcus Garvey

Marcus Garvey was a Jamaican political leader, publisher, journalist, entrepreneur, and orator who was a staunch proponent of the Black nationalism and Pan-Africanism movements.