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Author Question: If supply is elastic, the supply curve is relatively ________, and if demand is elastic, the demand ... (Read 342 times)

geoffrey

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on: Jun 29, 2018
If supply is elastic, the supply curve is relatively ________, and if demand is elastic, the demand curve is relatively ________.
 
  A) flat; flat
  B) flat; steep
  C) steep; flat
  D) steep; steep

Question 2

Explain why there is an active market for cola-flavored soft drinks in the United States but there is not an active market for sauerkraut-flavored soft drinks.
 
  What will be an ideal response?


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kishoreddi

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

There is an active market for cola-flavored soft drinks because there are enough consumers who want these soft drinks and are willing to pay for them. Not enough consumers want sauerkraut-flavored soft drinks, and since they are not willing to pay for these soft drinks, there are no producers making them. This is the principle of consumer sovereignty.


geoffrey

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Dominic

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Reply 3 on: Yesterday
:D TYSM

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