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

Author Question: If people have more time to adjust to a price change, the price elasticity of demand for that good ... (Read 106 times)

geoffrey

  • Hero Member
  • *****
  • Posts: 880
on: Jul 1, 2018
If people have more time to adjust to a price change, the price elasticity of demand for that good is likely to
 a. increase
  b. decrease
  c. fall to zero
  d. become equal to -1
  e. remain unchanged

Question 2

Which of the following tends to make demand for a good more elastic?
 a. A reduction in the number of substitutes for the good.
  b. Consumers have a long time to adjust to a price change.
  c. The amount spent on the good is a small proportion of the consumer's budget.
  d. The good is broadly defined.
  e. The good is a necessity.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bulacsom

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

B


geoffrey

  • Member
  • Posts: 880
Reply 2 on: Jul 1, 2018
Excellent

Laurenleakan

  • Member
  • Posts: 309
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Time Slows Down Near Matter Time Slows Down Near Matter
Shy children often have a high arousal level in novel social situations. Over time, parents can help ... Shy children often have a high arousal level in novel social situations. Over time, parents can help ...
Of four outcomes people can have after exposure to trauma, the most prevalent is resilience. Others, ... Of four outcomes people can have after exposure to trauma, the most prevalent is resilience. Others, ...
Time course of HIV infection. Time course of HIV infection.
4 ways your breasts change after pregnancy "4 تغيّرات تطرأ على ثدييكِ ... 4 ways your breasts change after pregnancy "4 تغيّرات تطرأ على ثدييكِ ...
Change in Bone Mass over Time In your early years, more bone mass is added than lost in your body Change in Bone Mass over Time In your early years, more bone mass is added than lost in your body
Video: Molecules, Membrane Permeability and Structure

For a complete list of videos, visit our video library