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If there are no readily available substitutes for a product it will tend to have what?
When there are more substitutes for a product, the ________ for the product is ________.
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
How do substitutes affect demand?
When the price of a product rises, the individual will look at alternatives ( substitutes ) that are cheaper but give him same satisfaction.
When does a firm have market power?
A firm is a monopoly if it is the sole seller of its product and if its product has no close substitutes.
If a good is a necessity with few substitutes then the price elasticity of demand will tend to be?
lower
If there are no readily available substitutes for a product it will tend to have what?
When there are more substitutes for a product, the ________ for the product is ________.
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
How do substitutes affect demand?
When the price of a product rises, the individual will look at alternatives ( substitutes ) that are cheaper but give him same satisfaction.
When does a firm have market power?
A firm is a monopoly if it is the sole seller of its product and if its product has no close substitutes.
What happens in baseball when no substitutes are left?
There are a few things that could happen in baseball when there are no substitutes are left. You could forfeit the game.
What milk product was proposed as a subsitute for meat in the 1970's?
Soy was suggested as a substitute but is not a milk product. They were looking for protein substitutes in vegetables, not dairy substitutes. However in the 90's yogurt was suggested as a substitute.
What type of competitive structure exists when a firm produces a product that has no close substitutes?
monopoly
If a good is a necessity with few substitutes then the price elasticity of demand will tend to be?
lower
How many soccer players are there in a team?
11 players on the field including the goal keeper. and a few substitutes.
When a customers need for a product is not urgent demand tends to be?
The demand tends to be elastic b/c the purchase can be delayed and they don't need it at that moment.
What does it mean the demand for a product is inelastic?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
How the free market works?
A free market is one in which decisions about what to produce and in what quantities are made by the market- that is, by buyers and sellers negotiating prices for good and services. If something is wanted but is not available, the price tends to go up until someone begins making more of that product, sells the ones already on hand or makes a substitutes. (From The Desk of Dr. Adnan Iqbal )
