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An imbalance between demand and supply raises the price of edible oil, prompting retailers to adjust their prices. Which dimension of the business environment does this illustrate?

Answer and explanation

Correct answer: Economic dimension

Demand, supply, and prices are central elements of the economic environment. The rise in edible-oil prices results from a demand–supply imbalance, so this is an economic dimension.

Related tags

Business EnvironmentEconomic DimensionDemand And SupplyDimensions Of Business EnvironmentBusiness StudiesClass 12 Mcq

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