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Discuss Parson's four functional imperatives (AGIL)required for social equilibrium.
Elasticity of Demand
The elasticity of demand measures how responsive the quantity demanded of a good or service is to a change in its price, indicating the sensitivity of consumers to price changes.
Price Discrimination
A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider in different markets or to different customers.
Natural Monopoly
A market condition in which a single firm can supply a product or service to an entire market at a lower cost than could two or more firms, often due to economies of scale.
Price Elasticity
The degree to which the quantity demanded of a good changes in response to a change in its price.
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