Data Analytics,Inc

question 33

Multiple Choice

Data Analytics,Inc.,is a corporation engaged in the business of compiling,analyzing,and marketing data.To accomplish its purposes,Data Analytics obtains financing,and hires and fires employees.Laws and government regulations affect such business activities as

• A)hiring and firing decisions.
• B)the manufacturing and marketing of products.
• C)business financing.
• D)all of the choices.

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Definitions:

Price Elasticity

The responsiveness of the quantity demanded or supplied of a good to a change in its price, a key concept in understanding consumer and producer behavior.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a fuel source.

Price-Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.

Perfectly Inelastic

A situation where the quantity demanded or supplied does not change in response to a price change.