When Estimating Demand, Price Is Not the Only Factor to Be

question 14

Multiple Choice

When estimating demand, price is not the only factor to be considered. Three other elements emphasized by economists are consumer tastes, price and availability of similar products, and

• A)consumer income.
• B)consumer psychographics.
• C)size of the target market.
• D)current political agendas.
• E)green substitutes.

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Definitions:

Dependent Variable

The variable in an experiment that is expected to change in response to manipulations of the independent variable.

Systematic Manipulation

A methodical approach to influencing or controlling variables in a study or experiment to observe effects on subjects or outcomes.

Experiment Conditions

Specific parameters or variables that are manipulated or controlled in a scientific experiment to investigate their effects on the outcome.

Conduct Disorder

Syndrome marked by chronic disregard for the rights of others, including specific behaviors such as stealing, lying, and engaging in acts of violence.