« previous next »

Author Question: If the supply of a commodity is inelastic, what will be the effect of a fall in ... (Read 11 times)

kodithompson

  • Hero Member
  • *****
  • Posts: 566
on: Jun 30, 2018
If the supply of a commodity is inelastic, what will be the effect of a fall in demand?

Question 2

In general, the number of firms is lesser in monopolistic competition compared to oligopoly.
 a. True
  b. False
  Indicate whether the statement is true or false


cswans24

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 30, 2018
Answer to Question 1

If the supply of a commodity is inelastic, the quantity supplied will remain constant irrespective of price level changes. A decrease in demand will lower the market price of the commodity.

Answer to Question 2

False


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
The effect of thyroid hormones on tadpole development The effect of thyroid hormones on tadpole development
Medications That May Cause Myopathy as an Adverse Effect Medications That May Cause Myopathy as an Adverse Effect
Effect of antidiuretic hormone deficiency. Effect of antidiuretic hormone deficiency.
Effect of increasing temperature or lowering deltGo+ on the rates of reactions Effect of increasing temperature or lowering deltGo+ on the rates of reactions
Chilling Effect of a Cold Current Chilling Effect of a Cold Current
The Doppler Effect The Doppler Effect
Video: Requirements for nervous signals

For a complete list of videos, visit our video library