Petrol Has Inelastic Price Elasticity of Demand in Both the Short

question 76

Multiple Choice

Petrol has inelastic price elasticity of demand in both the short and long run but chinaware has elastic price elasticity of demand in the both short and long run because:

• A) petrol is more important than chinaware.
• B) petrol is a necessity and chinaware is a luxury.
• C) petrol cannot be compared to chinaware.
• D) petrol is a luxury and chinaware is a necessity.

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Definitions:

Operational And Work Methods

Refers to the standardized procedures and practices that are used to carry out day-to-day activities in an organization efficiently.

Innovation

Innovation involves creating, developing, and implementing new ideas, processes, or products to improve efficiency, effectiveness, or competitive advantage.

Organizational Structure

The system of tasks, workflows, reporting relationships, and communication channels that link together the work of diverse individuals and groups.

Innovation

is the introduction of new ideas, products, services, or processes that create value for businesses, customers, or society.