Question

How does familiarity with prices affect the market?

(Select all that apply.)

It makes allocating resources more efficient.
It forces businesses to respond to consumer demand.
It leads to frequent changes in production.
It allows people the opportunity to negotiate.

Answer 1

It makes allocating resources more efficient.

It forces businesses to respond to consumer demand.

Step-by-step explanation:

Answer 2

It allows people the opportunity to negotiate.

Step-by-step explanation:

Elasticity is a proportion of a variable's affect-ability to an adjustment in another variable. In business and financial aspects, versatility alludes to how much people, shoppers or makers change their interest or the sum provided because of cost or salary changes.

On the off chance that the cost is excessively high, the stockpile will be more prominent than interest, and makers will be left with the abundance.

On the other hand, as the cost of a decent goes down, purchasers request a greater amount of it and less supply enters the market.