In international markets,demand,supply,and elasticity are all affected by local conditions.

Question

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Local conditions such as cultural norms, economic factors, political environment, and legal systems can affect the demand, supply, and elasticity in international markets. For example, a product may have high demand in one country due to its cultural significance, while the same product may not be in demand in another country with different cultural values. Similarly, economic factors such as income levels and exchange rates can affect the supply and demand of goods in international markets. The level of competition in the market and the availability of substitutes also affect the elasticity of demand. So, it can be concluded that local conditions do have an impact on demand, supply, and elasticity in international markets.

In International Markets,demand,supply,and Elasticity Are All Affected by Local Conditions