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 41 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

bassamabas

  • Member
  • Posts: 294
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

Marx's Model of Historical Change Marx's Model of Historical Change
Nursing Interventions and Prochaska's Stages of Change Nursing Interventions and Prochaska's Stages of Change
Climate Change: Timescale decades to centuries Climate Change: Timescale decades to centuries
China has relied on cheap coal to meet its demand for energy China has relied on cheap coal to meet its demand for energy
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
The original Supply and Demand graph The original Supply and Demand graph
Video: Wound Repair Animation

For a complete list of videos, visit our video library