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Author Question: Why does the elasticity of demand for a commodity change over ... (Read 34 times)

jparksx

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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


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Kdiggy

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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

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

jordangronback

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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