1) The good or service that consumers are willing to buy and purchase at different prices in given time period is called a) demand b) supply c) law of demand d) Inelastic demand 2) it is a measure of how much the quantity demanded of a product changes when there is a change in one of the factor that determines demand. a) Demand b) Supply c) Elasticity of demand d) Elastic demand 3) The range for the PED values is a) zero to infinity b) 0 c) 1 d) 2 e) one to infinity

Demand

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