_____________ may also impose indirect taxes on companies.

Full form of PED.

______________ is a general term that simply refers to the item that is being traded.

____________ is defined as a numerical measure of the responsiveness of demand following a change on income alone.

___________ is simply a way of quantifying cause and effect relationships.

_____________ is a numerical measure of the responsiveness of supply to a change in the price of the product alone.

_____________ arises because some consumers are willing to pay more than the given price for what they buy.

When price goes down, there is an _____________ in quantity demanded.

When price goes up, there is an ___________ in quantity supplied.

The ________________ shifts to the left or right when, 'other things being equal', the assumption is changed.