Which of the Following Would Likely Cause a Change in Market

question 104

Multiple Choice

Which of the following would likely cause a change in market opportunities based upon levels of income and wealth?

• A) economic change
• B) sociological and demographic change
• C) technological change
• D) political change
• E) legal change

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Definitions:

Price Elasticity of Demand

An indicator of the sensitivity of the demand for a product to variations in its price.

Midpoint Method

A technique used to calculate the elasticity of demand or supply between two points on a curve by averaging the two points' prices and quantities.

Cable TV Service

A subscription-based service that delivers television programming through coaxial or fiber-optic cables.

Inelastic

Describing demand or supply with little to no response to changes in price.