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Does the demand for a product in general tend to be more inelastic than the demand for that product from a particular supplier?
no, product demand in general tends to be more elastic because there are more options the consumer can choose from. demand for the product in general allow for the principle of "substitution" to be used by the consumer. if one producers price is too high then the customer will be able to shop around for the best price available for that product. demand from a singular supplier is more price sensitive, and with demand being inversely related to price and increase in price negatively impacts the level of demand and visa-versa
What else can I help you with?
Is salt an elastic or inelastic product?
Inelastic
Inelastic demand curve?
Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.
A product that has few substitutes tends to be?
Inelastic
What is inelastic?
Inelastic is something which is not flexible. You cannot stretch any inelastic product, whereas you can easily stretch the products which are flexible.There are two types of elasticities in economics.1. Elastic2. inelastic
When the price of a product rises and the total revenue of sellers increase?
You have an inelastic product.
Is salt an elastic or inelastic product?
Inelastic
Inelastic demand curve?
Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.
Is supplier a common noun?
Yes, the noun 'supplier' is a common noun, a general word for a company, organization, or country that provides or sells a product or a service.
A product that has few substitutes tends to be?
Inelastic
What is inelastic?
Inelastic is something which is not flexible. You cannot stretch any inelastic product, whereas you can easily stretch the products which are flexible.There are two types of elasticities in economics.1. Elastic2. inelastic
When the price of a product rises and the total revenue of sellers increase?
You have an inelastic product.
The difference between customer and supplier?
Supplier supplies product to the customer and the customer buys the product
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
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.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
How can a firm make their product inelastic?
A demand inelastic good (as opposed to a supply inelastic good) is a good that is essential to the well-being of individuals in the market. So certain staple food, such as maize, wheat, etc. are inelastic because they are a life requirement (these would be about as close to perfectly inelastic as you could get). In order for a firm to make their product inelastic they would benefit from making their product unique, or making it seem unique to the consumer, this is called 'branding' and or 'product differentiation'. The actual product doesn't have to be entirely unique, but should have a unique feature. The producer may differ themselves from the rest in some significant way (donating to charity, sponsoring events, employing locals etc.). Either make the good (or a particular unique feature of it) somewhat of a necessity for the consumer to have, or play on emotions; either way the brand loyalty among consumers will increase. There are also methods concerning 'predatory pricing' and 'exclusive dealings', however these would require the firm in question to be established as they involve eliminating substitutes for the product.
