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.

---

Definitions:

Enterprising Merchant

Refers to a businessperson, particularly during historical periods, who takes financial risks to profit from trading goods, often across great distances.

Mexican Law

The legal system of Mexico, which is primarily based on Napoleonic civil law with influences from Spanish civil law and indigenous law.

California Missions

A chain of religious and military outposts established by Spanish Franciscans in the 18th century to spread Christianity among local Native Americans in what is now California.

Polygamy

The practice of marrying multiple spouses simultaneously, recognized in some cultures and religions but illegal in many countries.