The demand for Farmfresh brand apple juice is likely to be: Multiple Choice less price elastic,...
- less price elastic, because the adjustment time is so slow.
- very price elastic, because there are many close substitutes available.
- less price elastic, because there are many close substitutes available.
- very price elastic, because the adjustment time is so fast.
Homework Answers
Ans: very price elastic , because there are many close substitutes available.
Explanation:
When the availability of close substitutes of a good is more then the demand for that good will be more price elastic .The demand curve of that good becomes flatter .
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The demand for Farmfresh brand apple juice is likely to be:
Multiple Choice
less price elastic,...
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26)What pair of goods is likely to have the largest cross-price elasticity in absolute value? Multiple...
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5. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
5. Determinants of the price elasticity of demand
Consider some determinants of the price elasticity of
demand:
• The availability of close substitutes
• Whether the good is a necessity or a luxury
• How broadly you define the market
• The time horizon being considered
A good with many close substitutes is likely to have relatively
__(Elastic, Inelastic)___ demand since consumers can easily choose
to purchase one of the close substitutes if the price of the good
rises.
A...
Demand is likely to be more price-elastic: (Check all that apply.) When the price of the...
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Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes . Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises A good's price elasticity of demand depends in part on how necessary...
9. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
9. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises. A good's price elasticity of demand depends in part on how necessary...
Consider some determinants of the price elasticity of demand: • Availability of close substitutes • Whether...
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5. Determinants of the price elasticity of demand
Consider some determinants of the price elasticity of
demand:
• The availability of close substitutes
• Whether the good is a necessity or a luxury
• How broadly you define the market
• The time horizon being considered
A good with many close substitutes is likely to have relatively
__(Elastic, Inelastic)___ demand since consumers can easily choose
to purchase one of the close substitutes if the price of the good
rises.
A...
Include an explanation please. 1. Would the demand for orange juice become more or less elastic if studies show that orange juice decreases inflammation. Explain why. 2. Price gouging laws A. restrict entrepreneurial behavior and consumer choice B. are enacted to encourage government sponsored relief efforts C. have little effect on distressed markets and thus are irrelevant D. Keep distressed markets in equilibrium by maintaining "normal" prices E. Are necessary and proper to prevent predatory pricing on victims of disasters
A perfectly elastic demand curve implies that the firm: Multiple Choice must lower price to sell more output can sell as much output as it chooses at the existing price. realizes an Increase in total revenue which is less than product price when it sells an extra unit is selling a differentiated (heterogeneous) product
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