1.2 0.0 / 5 ? Businesstheme 1A2/A-levelEdexcel Created by: verityjoyCreated on: 29-02-24 15:55 a good is ____ when a rise in income leads to a DECREASE in demand inferior 1 of 13 a good is ____ if a rise in income leads to an INCREASE in demand normal 2 of 13 a negative YED coefficient mean that a good is inferior 3 of 13 why does supply rise as price rises? because higher prices signal higher profits to the firm, creating an incentive to expand 4 of 13 if the PED coefficient is over 1 it is elastic 5 of 13 if the PED coefficient is between 0 and 1 it is inelastic 6 of 13 factors that influence PED include luxury/necessity brand loyalty availability of substitutes 7 of 13 non-price factors affecting demand price of subsitutes/complementary goods consumer income tastes and preferences branding/advertising demographics external shocks season 8 of 13 non-price factors affecting supply cost of production external shocks new technology taxation government subsidiaries 9 of 13 PED measures how much ____ responds to a change in ____ demand price 10 of 13 when a product is price elastic, an increase in price will ____ revenue decrease 11 of 13 when a product is price inelastic, an increase in price will ____ revenue increase 12 of 13 YED measures how much ____ responds to a change in ____ demand income 13 of 13
Business 2.3.1 - Calculating Gross, Operating and Net profit + Statement of comprehensive income 4.0 / 5 based on 1 rating
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