________ are the movements or fluctuation in demand that exhibit no pattern and occur on a random basis.Group of answer choicesRandom variationsSeasonalitiesTrendsCyclical patterns

If a small change in the price of an item causes a significant change in the quantity demanded, we say that demand for the item is ___________ .Responsesinelasticinelasticelasticelasticsurplussurplusshortage

Which one of the following is not a component of demand?Group of answer choicesAverage demandHistorical dataSeasonal elementAutocorrelationA trend

The moving averages and exponential smoothing methods are appropriate for a time series exhibiting _____.Group of answer choicesa cyclical patterna horizontal patterntrendsseasonal effects

What is the name of the pattern occurring in Rotorua along the main transport routes?1.Grid pattern2.Random Pattern3.Linear pattern4.Dispersed pattern

If a consumer’s income increases: Group of answer choicesThere will be a change in demand.There will be a movement along the demand curve.There will be an increase in the quantity demanded, but the demand curve will not shift.b and c.None of the above.