When Estimating Demand, Price Is Not the Only Factor to Be

question 321

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)regulatory environment.

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Definitions:

Counter

An electromechanical device in relay-based control systems that counts numbers of events for the purpose of controlling other devices based on the current number of counts recorded; a programmable logic controller instruction that performs the functions of its electromechanical counterpart.

True

A statement or condition that is accurate, factual, or in accordance with reality.

Thumbwheel Switch

"A rotating switch used to input numeric information into a controller."

Input Module

A hardware component in a control system that receives and processes external signals for use within the system.