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A firm making underwear will need a supply of elastic.
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Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
Is a firm's demand for labor curve is more elastic in the short run than in the long run?
No. It's more elastic in the long run than the short run.
Does supply curves tend to be more elastic in the long run or inelastic?
yes
Is The supply curve more or less elastic in the long run than the short run?
more
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
Is a firm's demand for labor curve is more elastic in the short run than in the long run?
No. It's more elastic in the long run than the short run.
Does supply curves tend to be more elastic in the long run or inelastic?
yes
Is The supply curve more or less elastic in the long run than the short run?
more
Is it true the demand curve of a monopolistic competitive firm is more elastic than that of a pure monopolist?
YES
Is supply more elastic in the short run than in the long run?
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
Why is it difficult to judge elasticity of demand or supply if you are merely observing the appearance of a demand or supply curve on a graph?
Because it is basically curved shape, therefore, there are points/areas on the curve where the demand or supply will be elastic and on some other parts be inelastic. At the top of the curve, demand/supply tends to be inelastic and at the bottom of the curve, it tends to be elastic. Obviously, the more you go up the more we reach the perfectly inelastic demand/supply and the further you go down the curve, the more you reach the perfectly elastic demand/supply
What product is more likely to have the MOST elastic demand curve?
Household electricity
A Is the market supply curve for a product more or less price elastic than the supply curve of one of the firms in the market Why?
The market supply curve of a product is more price elastic than the supply curve of one of the firms in the market. The reason is that for any given price change, the market quantity response reflects the change in output of all the firms in the market.
What are the factors affecting the price elasticity of supply?
Many factors influence elasticity, some of which include:Necessities versus Luxuries - It is harder to find substitutes for necessities so quantity demanded will change less.Availability of Close Substitutes - If there are close substitutes, buyers will move away from more expensive items and demand will be elastic.Definition of the Market - The more broadly we define an item, the more possible substitutes and the more elastic the demand.Time Horizon - The longer the time available, the easier to find substitutes and the more elastic the demand.Relative Size of Purchase - Purchases which are a very small portion of total expenditure tend to be more inelastic, because consumers are not worried about the extra expenditure.
What is an example of a good for which the demand is likely to become more elastic over time if prices change dramatically?
gasoline
