Homework Answers
Option 1
When a good has few close substitutes, then people do not have much options to switch over and would purchase goods for increase in price, hence the good is relatively inelastic
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Question 2 When there few close substitutes available for a good, demand tends to be relatively...
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly...
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly inelastic. relatively inelastic. relatively elastic perfectly elastic. Question 18 1 points Save Answer In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information supgests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars...
If the market for a product is broadly defined, then O there are few substitutes for...
If the market for a product is broadly defined, then O there are few substitutes for the product and the demand for the product is relatively inelastic. O the expenditure on the good is likely to make up a large share of one's budget. O the good has many complements O there are many substitutes for the product and the demand for the product is relatively elastic. > A Moving to another question will save this response. Consider the following...
The answer for 10 and 11 10. When consumers have fewer close substitutes for a good,...
The answer for 10 and 11
10. When consumers have fewer close substitutes for a good, demand is likely to be more A. Elastic B. Inelastic C. Unit elastic D. Can't say for sure FIGURE #2 ice 0 11. (Refer to Figure 2 above). As shown, demand is likely to be: A. Perfectly elastic B. Inelastic C. Elastic D. Perfectly Inelastic
Which of the following statements is true? If the price of a good is lowered and...
Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...
9.The more time people have to adjust to a price change, A.the less elastic their demand...
9.The more time people have to adjust to a price change, A.the less elastic their demand will be. B. will not affect the elasticity of their response, unless the good in question is a luxury good. C.the more elastic their demand will be. D.will not affect the elasticity of their response, unless the good in question is a necessity. 10.When a good has many close substitutes available, its demand is likely to be A.less price elastic than for goods without...
Consider some determinants of the price elasticity of demand: . The availability of close substitutes Product's...
Consider some determinants of the price elasticity of demand: . The availability of close substitutes Product's share of the consumer's total budget A good with many close substitutes is likely to have relatively substitutes if the price of the good rises demand, since consumers can easily choose to purchase one of the close The price elasticity of demand for a good depends on the price of the good relative to consumers' incomes. Which of the following goods has the most...
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods...
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods are: A. Complements B. Substitutes C. Unrelated Goods D. Inelastic Goods 6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6...
When compared to a monopolistic firm’s demand curve, a monopolists demand curve is relatively a. Inelastic...
When compared to a monopolistic firm’s demand curve, a monopolists demand curve is relatively a. Inelastic because of many substitutes. b. Elastic because of many substitutes c. Inelastic because of less substitutes d. Elastic
QUESTION 23 When a good or service is a luxury, its price elasticity of demand tends...
QUESTION 23 When a good or service is a luxury, its price elasticity of demand tends to be Elastic Inelastic Unit Elastic Unknown QUESTION 24 A decrease in the price of a product that a firm sells will cause the demand for it to increase. True False QUESTION 25 Economic profits are equal to total revenues minus Only implicit costs Only explicit costs Implicit and explicit costs Marginal cost QUESTION 26
The demand for gasoline in the short run is O inelastic because there are very few...
The demand for gasoline in the short run is O inelastic because there are very few good substitutes for gasoline. O unit elastic because people tend to consume a stable amount of gasoline per period. o elastic because people can easily switch to public transportation. O perfectly inelastic because people have no choice but to buy gasoline.
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly inelastic. relatively inelastic. relatively elastic perfectly elastic. Question 18 1 points Save Answer In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information supgests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars...
If the market for a product is broadly defined, then O there are few substitutes for the product and the demand for the product is relatively inelastic. O the expenditure on the good is likely to make up a large share of one's budget. O the good has many complements O there are many substitutes for the product and the demand for the product is relatively elastic. > A Moving to another question will save this response. Consider the following...
The answer for 10 and 11
10. When consumers have fewer close substitutes for a good, demand is likely to be more A. Elastic B. Inelastic C. Unit elastic D. Can't say for sure FIGURE #2 ice 0 11. (Refer to Figure 2 above). As shown, demand is likely to be: A. Perfectly elastic B. Inelastic C. Elastic D. Perfectly Inelastic
Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...
Consider some determinants of the price elasticity of demand: . The availability of close substitutes Product's share of the consumer's total budget A good with many close substitutes is likely to have relatively substitutes if the price of the good rises demand, since consumers can easily choose to purchase one of the close The price elasticity of demand for a good depends on the price of the good relative to consumers' incomes. Which of the following goods has the most...
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods are: A. Complements B. Substitutes C. Unrelated Goods D. Inelastic Goods 6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6...
QUESTION 23 When a good or service is a luxury, its price elasticity of demand tends to be Elastic Inelastic Unit Elastic Unknown QUESTION 24 A decrease in the price of a product that a firm sells will cause the demand for it to increase. True False QUESTION 25 Economic profits are equal to total revenues minus Only implicit costs Only explicit costs Implicit and explicit costs Marginal cost QUESTION 26
The demand for gasoline in the short run is O inelastic because there are very few good substitutes for gasoline. O unit elastic because people tend to consume a stable amount of gasoline per period. o elastic because people can easily switch to public transportation. O perfectly inelastic because people have no choice but to buy gasoline.
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