Examlex
Consider the following list: 1. Change authority
2) Change manager
3) Change advisory board (CAB) Which one of the following is the BEST description of the items above?
Demand
The quantity of a product or service that consumers are willing and able to purchase at various price levels at a given time.
Substitutes
Goods or services that can be used in place of each other; when the price of one goes up, the demand for the other can increase.
Elastic Demands
A market situation where the quantity demanded of a good or service significantly changes in response to a change in price.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.
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