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

Author Question: The short-run price elasticity of demand for refrigerators is relatively inelastic. Indicate ... (Read 19 times)

danielfitts88

  • Hero Member
  • *****
  • Posts: 535
on: Jul 1, 2018
The short-run price elasticity of demand for refrigerators is relatively inelastic.
 
  Indicate whether the statement is true or false

Question 2

For all goods, the long run demand curve is always more elastic than the short run demand curve.
 
  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

s.meritte

  • Sr. Member
  • ****
  • Posts: 306
Reply #1 on: Jul 1, 2018
Answer to Question 1

False. People can put off buying a refrigerator in the short run. Therefore demand is elastic in the short run.

Answer to Question 2

False. Goods that can be easily stored may have a more elastic short run demand curve than long run.


danielfitts88

  • Member
  • Posts: 535
Reply 2 on: Jul 1, 2018
Excellent

covalentbond

  • Member
  • Posts: 336
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

Blood in the urine can be a sign of a kidney stone, glomerulonephritis, or other kidney problems.

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 first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

The characteristically small and relatively short-legged reindeer from Svalbard The characteristically small and relatively short-legged reindeer from Svalbard
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
The population of Asia increases rapidly, the demand for food and water is also growing The population of Asia increases rapidly, the demand for food and water is also growing
The growth in demand for energy use is met by burning fossil fuels The growth in demand for energy use is met by burning fossil fuels
Your company advertises all prices on the menu board as a final price, including HST of 13%. A ... Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Embryonic development - week 1 and 2

For a complete list of videos, visit our video library