The Law of Demand Includes the Statement "Other Things Being

question 345

Multiple Choice

The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT

• A) the price of the good itself.
• B) the price of related goods.
• C) incomes.
• D) tastes.

---

Definitions:

Self-driving Cars

Vehicles equipped with technology that allows them to navigate and operate without human intervention.

Over Capacity

A situation where a facility or system can produce more than is demanded, often leading to inefficiency and increased costs.

Decline Stage

The phase in a product life cycle where sales and profits begin to decrease as the product starts to lose consumer interest or becomes obsolete.

OM Strategies

Operational management strategies employed by organizations to improve efficiency, productivity, and competitiveness in their operational processes.