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 10 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
YES! Correct, THANKS for helping me on my review

marict

  • Member
  • Posts: 304
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Pap smear. Cells of the cervix (shown in the center) change in appearance as they progress through Pap smear. Cells of the cervix (shown in the center) change in appearance as they progress through
Rate of Residential Change, Past Year, in the United States Rate of Residential Change, Past Year, in the United States
Family interactions change in response to the developing child, and parenting characteristics, such ... Family interactions change in response to the developing child, and parenting characteristics, such ...
Global Climate Change Global Climate Change
Observed change in surface temperature from 1901 to 2012 Observed change in surface temperature from 1901 to 2012
Ice cores: Periods of rapid climate change especially in North Atlantic Ice cores: Periods of rapid climate change especially in North Atlantic
Video: Acid-base imbalances - compensation of metabolic acidosis and alkalosis

For a complete list of videos, visit our video library