There are very few , if good subtitutes for automotive tires. Therefore, the demand for automotive...
There are very few , if good subtitutes for automotive tires. Therefore, the demand for automotive tires would to be a) unit elastic b)elastic. c) inelastic d) highly responsive to change in income as well as change in price.
Homework Answers
Here the demand would be inelastic, this is because there are very few substitutes for the automotive tyres so the consumers haven't got many options to go for another and they would purchase the item whatever the price is , the demand for the automotive tyres would become inelastic.
The demand is said to be inelastic when the quantity demanded does not change with the change in the prices.
Ans: C). inelastic.
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There are very few , if good subtitutes for automotive tires.
Therefore, the demand for automotive...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________ and the percentage change in its quantity demanded is ________ than the percentage change in its price. A. Elastic: Smaller B. Elastic: Greater C. Inelastic: Smaller D. Inelastic: Greater Which of the following is not a determinant of the price elasticity of demand? A. Availability of substitutes B. Degree of necessity C. Cost relative to income D. Availability of inputs With a(n) ______ demand,...
The demand for gasoline in the short run is O inelastic because there are very few...
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25) What is measured by the price elasticity of supply? A) The price elasticity of supply...
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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...
1. In a very poor village there is only 1 food available: rice. People consume 1500...
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Question 9 Which of the following statements is true? The demand curve for a necessity is...
Question 9 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury. The more time that passes the more inelastic the demand for a product becomes. The more narrowly we define a market, the more elastic the demand for a product will be. In general, if a product has few substitutes it will have an elastic demand. OOOO Question 10 The income elasticity of demand measures the...
13. If the quantity of a good sold varies greatly from small changes in the price, we say that good is: A) highly i...
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If the calculated price elasticity of demand between two points is -1.5, demand is A) elastic....
If the calculated price elasticity of demand between two points is -1.5, demand is A) elastic. B) unit-elastic. C) unresponsive to price. D) inelastic. When a household spends over 70% of its monthly income on a good, demand will be elastic. unit-elastic. inelastic. elastic, unit-elastic or inelastic depending upon supply.
A few sellers may behave as if they operate in a perfectly competitive market if the...
A few sellers may behave as if they operate in a perfectly competitive market if the market demand is: Select one: a. highly inelastic b. very elastic. c. unitary elastic d. composed of many small buyers.
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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1. In a very poor village there is only 1 food available: rice. People consume 1500 calories of rice even if the price goes up 1 %. Demand for rice is perfectly: a. Inelastic b. Elastic 2. Brand wars are very competitive because brands are close substitutes. As a result, demand for brands in a brand war tend to be very: a. Elastic b. Inelastic 3. There are very few substitutes for vegetables as a whole. As a result, if...
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A few sellers may behave as if they operate in a perfectly competitive market if the market demand is: Select one: a. highly inelastic b. very elastic. c. unitary elastic d. composed of many small buyers.
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