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

Author Question: Which of the following factors will make the demand for a product more elastic? A) The product ... (Read 85 times)

gonzo233

  • Hero Member
  • *****
  • Posts: 557
on: Jun 29, 2018
Which of the following factors will make the demand for a product more elastic?
 
  A) The product has no close substitutes.
  B) A very small proportion of income is spent on the good.
  C) A long time period has elapsed since the product's price changed.
  D) The change in the product's price was unexpected.

Question 2

The price of gasoline rises by 33 percent to 3.50 a gallon and stays at that price for the next two years. The quantity of gasoline demanded two years from now will be
 
  A) the same as one month after the price hike.
  B) greater than one month after the price hike.
  C) less than one month after the price hike.
  D) the same as it would be if the price hike had never occurred.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

IRincones

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

C


gonzo233

  • Member
  • Posts: 557
Reply 2 on: Jun 29, 2018
Gracias!

xthemafja

  • Member
  • Posts: 348
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

The modern decimal position system was the invention of the Hindus (around 800 AD), involving the placing of numerals to indicate their value (units, tens, hundreds, and so on).

Three Sushi Does Not Make an EggRoll Three Sushi Does Not Make an EggRoll
Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ... Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ...
Electric and butane-powered soldering guns used to make electrical repairs. Soldering guns are sold ... Electric and butane-powered soldering guns used to make electrical repairs. Soldering guns are sold ...
Entropic and enthalpic factors in catalysis Entropic and enthalpic factors in catalysis
Mediator as a bridge between gene-specific regulatory factors and the general transcription Mediator as a bridge between gene-specific regulatory factors and the general transcription
Factors in Food Security Factors in Food Security
Video: Inflammation

For a complete list of videos, visit our video library