« previous next »

Author Question: If a product has an inelastic demand, then: a. there is probably a long time period under ... (Read 73 times)

Chloeellawright

  • Hero Member
  • *****
  • Posts: 588
on: Jun 30, 2018
If a product has an inelastic demand, then:
 a. there is probably a long time period under consideration.
  b. as price increases, total revenue to producers decreases.
  c. an increase in the price will decrease total consumer expenditures.
  d. there are probably many complements for the good.
  e. there are probably few substitutes for the good.

Question 2

A consumer's budget line will rotate outward along the vertical axis if:
 a. the price of the good on the horizontal axis decreases.
  b. the price of the good on the vertical axis increases.
  c. the price of the good on the horizontal axis increases.
  d. the price of the good on the vertical axis decreases.


Kjones0604

  • Sr. Member
  • ****
  • Posts: 327
Reply #1 on: Jun 30, 2018
Answer to Question 1

e

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

The roles of transpiration, cohesion, adhesion, and tension in long-distance water transport. The roles of transpiration, cohesion, adhesion, and tension in long-distance water transport.
Time-course of reprogramming mouse fibroblasts into induced pluripotent stem cells Time-course of reprogramming mouse fibroblasts into induced pluripotent stem cells
The environmental policy changes over time The environmental policy changes over time
Composition of a long bone Composition of a long bone
Embryonic Period Embryonic Period
Find the factor demand for labour and the amount of output it will produce. Show all ... Find the factor demand for labour and the amount of output it will produce. Show all ...
Video: Introduction to Pre-eclampsia

For a complete list of videos, visit our video library