Pressure for Local Responsiveness Includes

question 60

Multiple Choice

Pressure for local responsiveness includes

• A) Varying consumer preferences.
• B) Varying sales and distribution patterns.
• C) Varying traditions.
• D) Varying political demands.
• E) All of these.

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Definitions:

Surplus

An excess of production or supply over demand, often leading to a decrease in prices.

Shortage

A situation where the demand for a product exceeds the available supply, often leading to higher prices.

Equilibrium

The state in which market supply and demand balance each other, and as a result, prices become stable.

Shortage

A situation in which the demand for a product or service exceeds the available supply, often leading to higher prices or unmet demand in the market.