Examlex
Identify and describe the five major categories of situational influences.
Elasticity
A measure of how much the quantity demanded or supplied of a good or service changes in response to changes in price, income, or other factors.
Income Elasticity
A measure of how much the demand for a good changes in response to a change in consumers' income.
Quantity Demanded
The overall volume of a specific good or service that consumers intend and have the means to acquire at a given price.
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