List Five Factors That Affect Elasticity of Demand and Briefly

question 56

Essay

List five factors that affect elasticity of demand and briefly describe how each affects demand.

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Definitions:

Rivalry

Competition or conflict between two or more parties, often for dominance or superiority in a specific area.

Nature of Competition

Refers to the characteristics and dynamics of rivalry among businesses in the same industry, which can influence market behavior and business strategies.

Porter's Five Forces

A model developed by Michael E. Porter that identifies and analyzes five competitive forces that shape every industry and help determine an industry's weaknesses and strengths.

E-commerce

The exchange of goods and services through the internet.