Multiple Choice
Other things being equal, the demand for a product is less elastic if
A) the product has a very small ticket price.
B) the product has more substitutes.
C) the product has more complements.
D) consumers have more time to adjust for any price change.
E) the product's cost of production is higher.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: By knowing how much quantity demanded changes
Q4: If a firm wishes to raise the
Q5: Suppose the price of a good falls
Q6: The income elasticity of demand<br>A)is usually zero
Q7: The price elasticity of supply is always
Q9: Explain why economists care about the price
Q10: The demand for gasoline should be<br>A)less elastic
Q11: If the price elasticity of demand is
Q12: Because there are few substitutes for a
Q13: Why isn't the slope of a demand