Which of the following causes demand for a product to be elastic? Select one: a. supply...
Homework Answers
The answer is B, "Substitutes"
Substitute good is a good that are similar in type and can be used in place of another good. Here if price of good 1 rises, then the demand for substitute will rise. Thus the demand will be elastic for that good.
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Which of the following causes demand for a product to be
elastic?
Select one:
a. supply...
Which of the following causes demand to be more elastic with respect to price? A. Shorter...
Which of the following causes demand to be more elastic with respect to price? A. Shorter periods of time to adjust to a change in price B. A steeper demand curve for a given price and quantity C. Fewer substitutes D. A high ratio of price to income
choose the correct answer 21\ Identify which one of the following changes in supply curve occurs when there is an increase in price of product: A\ Increase in supply B\ Extension in supply C\ Decrease in supply D\ Contraction in supply
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Demand is more elastic: a. in the short run than in the long run. b. for...
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Which of the following will cause the demand for product (A) to decrease? Select one: O...
Which of the following will cause the demand for product (A) to decrease? Select one: O a. an increase in the price of a substitute good (5) O b. an increase in the price of complementary product (C) c. population growth that causes an expansion in the number of persons consuming (A) O d. an increase in money income if (A) is a normal good
1. Which of the following statements best describes consumer surplus in the supply and demand model?
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25) What is measured by the price elasticity of supply? A) The price elasticity of supply...
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Which of the following is true? A. When n 1, supply is considered unit elastic. O...
Which of the following is true? A. When n 1, supply is considered unit elastic. O B. When 0 < η < 1, supply is considered inelastic. C. When η > 1, supply is considered elastic. O D. All of the above. O E. None of the above.
IUUuIe -roauction, Supply & Demand Module One: Assessment The following represents demand for widgets (a fictional...
IUUuIe -roauction, Supply & Demand Module One: Assessment The following represents demand for widgets (a fictional product: OD 700-100P + 0.5M +30PR where P is the price of widgets, M is income, and Pe is the price of a related (fictional) good, the wodget. Supply of widgets is determined by Qs 900+57.5P Widgets are and widgets and wodgets are Select one a. a normal good; substitutes. b. an inferior good; substitutes. c. a normal good; complements d. an inferior good;...
Which of the following is not a factor in determining elasticity of demand? Select one: a....
Which of the following is not a factor in determining elasticity of demand? Select one: a. Ease of evaluating quality b. Availability of substitutes c. Use of prestige pricing d. Ease of purchasing e. Price relative to purchasing power
Courses/ ECON705-32209-SPRING2019/ Module 1 - Introduction, Supply & Demand Module One: Assessment The following represents demand...
Courses/ ECON705-32209-SPRING2019/ Module 1 - Introduction, Supply & Demand Module One: Assessment The following represents demand for widgets (a fictional product): QD = 700-100P + 0.5M + 30PR where P is the price of widgets, M is income, and PR is the price of a related (fictiona) good, the wodget. Supply of widgets is determined by Qs = 900 + 57.5P Widgets are , and widgets and wodgets are Select one a. a normal good; substitutes. b. an inferior good;...
Which of the following will cause the demand for product (A) to decrease? Select one: O a. an increase in the price of a substitute good (5) O b. an increase in the price of complementary product (C) c. population growth that causes an expansion in the number of persons consuming (A) O d. an increase in money income if (A) is a normal good
Which of the following is true? A. When n 1, supply is considered unit elastic. O B. When 0 < η < 1, supply is considered inelastic. C. When η > 1, supply is considered elastic. O D. All of the above. O E. None of the above.
IUUuIe -roauction, Supply & Demand Module One: Assessment The following represents demand for widgets (a fictional product: OD 700-100P + 0.5M +30PR where P is the price of widgets, M is income, and Pe is the price of a related (fictional) good, the wodget. Supply of widgets is determined by Qs 900+57.5P Widgets are and widgets and wodgets are Select one a. a normal good; substitutes. b. an inferior good; substitutes. c. a normal good; complements d. an inferior good;...
Which of the following is not a factor in determining elasticity of demand? Select one: a. Ease of evaluating quality b. Availability of substitutes c. Use of prestige pricing d. Ease of purchasing e. Price relative to purchasing power
Courses/ ECON705-32209-SPRING2019/ Module 1 - Introduction, Supply & Demand Module One: Assessment The following represents demand for widgets (a fictional product): QD = 700-100P + 0.5M + 30PR where P is the price of widgets, M is income, and PR is the price of a related (fictiona) good, the wodget. Supply of widgets is determined by Qs = 900 + 57.5P Widgets are , and widgets and wodgets are Select one a. a normal good; substitutes. b. an inferior good;...
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