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

Author Question: The fewer the number of substitutes for a good, the more elastic the demand for that good. Is the ... (Read 80 times)

bcretired

  • Hero Member
  • *****
  • Posts: 525
on: Jun 29, 2018
The fewer the number of substitutes for a good, the more elastic the demand for that good. Is the previous statement true or false?
 
  What will be an ideal response?

Question 2

Welding has changed dramatically over the last decade with more welding jobs dependent on the use of computers.
 
  This change increased the demand for welders with computer skills and decreased the demand for welders who lack these skills and is an example of when technology is a ________ to a high-skilled job and a ________ to a low-skilled job. A) complement; substitute
  B) complement; complement
  C) substitute; complement
  D) substitute; substitute


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

sierramartinez

  • Sr. Member
  • ****
  • Posts: 313
Reply #1 on: Jun 29, 2018
Answer to Question 1

The statement is false. The greater the number of substitutes, the more elastic the demand for that product. Conversely, the fewer the number of substitutes, the less elastic (the more inelastic) the demand for that product.

Answer to Question 2

A


bcretired

  • Member
  • Posts: 525
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Laurenleakan

  • Member
  • Posts: 309
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Avogadro's number calculation Avogadro's number calculation
Good alignment for sitting posture. Good alignment for sitting posture.
How to count for the correct number of significant digits How to count for the correct number of significant digits
Almonds and other nuts are also good sources of protein Almonds and other nuts are also good sources of protein
Dried fruits are good source of sulfur Dried fruits are good source of sulfur
The relationship between the number of stem cell divisions in the lifetime of a given tissue and the The relationship between the number of stem cell divisions in the lifetime of a given tissue and the
Video: Darwin's Observation (Fossils, Galapagos Islands & Africa ) and Natural Selection (Adaptive Traits)

For a complete list of videos, visit our video library