Which of the Following Fields Is Concerned with Understanding the Choices

question 154

Multiple Choice

Which of the following fields is concerned with understanding the choices people make in using scarce resources?

• A) statistics
• B) psychology
• C) accounting
• D) economics

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Definitions:

Brand Loyalty

The tendency of consumers to continuously purchase products from the same brand due to satisfaction, preference, or perceived superiority.

Elastic

A description of a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Inelastic

Describes a situation where the demand or supply for a product does not change significantly when the price of the product changes.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.