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When the quantity sold of a good changes significantly in response to changes in price its demand?
highly elastic
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When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
How do changes in demand differ from changes in quantity demanded?
Changes in demand refer to shifts in the entire demand curve due to factors like consumer preferences, income, or population. Changes in quantity demanded, on the other hand, refer to movements along the demand curve in response to changes in price.
How does a highly elastic supply respond when demand shifts to the left?
When demand shifts to the left, a highly elastic supply will respond by decreasing its quantity supplied significantly in response to a small decrease in demand. This is because the supply is very responsive to changes in demand, leading to a larger decrease in quantity supplied compared to a less elastic supply.
Is the demand for insulin elastic or inelastic?
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
Is the demand for electricity elastic or inelastic?
The demand for electricity is generally considered to be inelastic, meaning that changes in price do not significantly affect the quantity demanded.
What is the difference between elastic and inelastic?
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
Is the elasticity of demand always negative?
No, the elasticity of demand can be positive, negative, or zero. It depends on how the quantity demanded changes in response to a change in price.
How does the greater elasticity of supply and demand for a good impact its market dynamics and pricing?
The greater elasticity of supply and demand for a good means that the quantity supplied or demanded can change significantly in response to price changes. This can lead to more fluctuation in market dynamics and pricing, as small changes in price can result in larger changes in quantity bought or sold. In general, when supply and demand are more elastic, prices are more likely to be influenced by changes in market conditions.
What does it mean if a product's demand is inelastic?
If a product's demand is inelastic, it means that changes in the price of the product do not significantly affect the quantity demanded by consumers. This indicates that consumers are not very responsive to price changes, and the demand for the product remains relatively stable.
What are examples of products that have elastic demand, and why do their prices fluctuate significantly in response to changes in consumer demand?
Examples of products with elastic demand include luxury goods, such as designer clothing and high-end electronics. These products have elastic demand because consumers can easily substitute them with cheaper alternatives if their prices increase. As a result, their prices fluctuate significantly in response to changes in consumer demand because even small shifts in demand can lead to large changes in price to maintain sales levels.
What is volume response?
Volume response refers to how a system or entity reacts to changes in volume or quantity. This can include how a business adjusts its operations in response to changes in customer demand or how a biological system adapts to changes in nutrient availability. Understanding volume response is important for optimizing efficiency and effectiveness in various systems.
What is elasicity of demand?
The response of the quantity demanded with a change in price.
