When a Shift in Demand or Supply Occurs, Economists Can

question 209

Multiple Choice

When a shift in demand or supply occurs, economists can make a quick prediction of the change in price. The denominator of the simple price-change formula is the:

• A) multiple of the elasticities of supply and demand.
• B) sum of the elasticities of supply and demand.
• C) difference between the elasticities of supply and demand.
• D) percent change in either demand or supply.

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Definitions:

Internal Environment

The conditions, entities, events, and factors within an organization that influence its activities and choices.

Mission, Vision

The fundamental objectives and aspirational goals set by an organization to guide its strategic direction and decision making.

Trend Analysis

A method used to predict future movements by examining historical data.

Markov Analysis

A statistical method used to predict future behaviors based on current and historical data, especially in decision-making and forecasting scenarios.