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Author Question: If people have more time to adjust to a price change, the price elasticity of demand for that good ... (Read 112 times)

geoffrey

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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.


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bulacsom

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

B


geoffrey

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Reply 2 on: Jul 1, 2018
Gracias!

frankwu0507

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Reply 3 on: Yesterday
Excellent

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