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

Author Question: Refer to Scenario 2 . Over a long period of time, in the absence of any restrictions in the market, ... (Read 41 times)

jazziefee

  • Hero Member
  • *****
  • Posts: 505
on: Jun 29, 2018
Refer to Scenario 2 . Over a long period of time, in the absence of any restrictions in the market, would you expect the price elasticity of demand for crabs to be more elastic or inelastic? Explain.
 
  What will be an ideal response?

Question 2

Refer to Figure 3-1. An increase in the expected future price of the product would be represented by a movement from
 
  A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mjbamaung

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 29, 2018
Answer to Question 1

The longer the period of time, the price elasticity of demand will be greater as everyone has time to adjust and more goods become available for substitution.

Answer to Question 2

C


jazziefee

  • Member
  • Posts: 505
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

mcabuhat

  • Member
  • Posts: 344
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

This Black-browed Albatross has been hooked on a long-line. This Black-browed Albatross has been hooked on a long-line.
Running time on 100-meter sprint for men and women master athletes increases with age. Source: Korho Running time on 100-meter sprint for men and women master athletes increases with age. Source: Korho
Radiation Side Effects, Healing Time, and Intervention Radiation Side Effects, Healing Time, and Intervention
A cutaway of a typical water pump showing the long bearing assembly and the seal. The weep hole is ... A cutaway of a typical water pump showing the long bearing assembly and the seal. The weep hole is ...
Use two hands to squeeze both sides of the arm at the same time. Apply from shoulder to wrist. ... Use two hands to squeeze both sides of the arm at the same time. Apply from shoulder to wrist. ...
Embryonic Period Embryonic Period
Video: Neurosynapse Animation

For a complete list of videos, visit our video library