Emerging Sociocultural Changes in the Environment Include

question 90

Multiple Choice

Emerging sociocultural changes in the environment include

• A) changes in the ethnic composition.
• B) the increasing educational attainment of women in the past decade.
• C) progressively less disposable income by consumers.
• D) changes in the geographic distribution of the population.

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Definitions:

Substitutes

Substitutes are alternative products or services that consumers can use in place of another to fulfill the same needs or desires.

Cross-Price Elasticity

A measure of how the demand for one good responds to a change in the price of another good.

Income Elasticity

A measure of how much the demand for a good changes in response to a change in consumer income.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period of time.