This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Why does the elasticity of demand for a commodity change over ... (Read 14 times)

jparksx

  • Hero Member
  • *****
  • Posts: 570
on: Jun 30, 2018
Why does the elasticity of demand for a commodity change over time?

Question 2

The market power enjoyed by a particular producer depends on the number of firms in the industry.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Kdiggy

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jun 30, 2018
Answer to Question 1

Elasticity of demand for a good can change over time, as experience in using it accumulates, information about substitutes becomes available, and the costs of adjusting its use falls.

Answer to Question 2

True


jparksx

  • Member
  • Posts: 570
Reply 2 on: Jun 30, 2018
:D TYSM

alexanderhamilton

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Change in Drawing Abilities from Early to Middle Childhood Drawings become more realistic as fine m Change in Drawing Abilities from Early to Middle Childhood Drawings become more realistic as fine m
Donald Trump and Climate Change Donald Trump and Climate Change
Distance from Initial Change in Membrane Potential vs. Voltage Change Relative to Initial Change Distance from Initial Change in Membrane Potential vs. Voltage Change Relative to Initial Change
Demographic change and the effect on people social, and economic life Demographic change and the effect on people social, and economic life
Climate Change: Volcanoes Climate Change: Volcanoes
Consistency and Change in Personality Over the Lifespan Consistency and Change in Personality Over the Lifespan
Video: Hydrogen bonds vs. Ionic bond

For a complete list of videos, visit our video library