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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.
Why the short run demand curve is usually less elastic than the long run demand curve?
this was just covered in econ 201 today...people have less time to adapt and find substitute goods in the short-run, but as time passes they are able to find substitutes, making it more elastic.
How can a product have both elastic and inelastic demand?
A product can exhibit both elastic and inelastic demand depending on various factors such as price range, consumer preferences, and availability of substitutes. For instance, a product may have inelastic demand at lower price levels, as consumers consider it a necessity, but become elastic at higher prices when alternatives become more attractive or budgets are strained. Additionally, the time frame can influence demand elasticity; short-term demand may be inelastic, while long-term demand can become more elastic as consumers adjust their behavior.
Which demand can become more elastic over time what changes can take place in the long term to affect demand?
Gasoline
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.
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.
Why the short run demand curve is usually less elastic than the long run demand curve?
this was just covered in econ 201 today...people have less time to adapt and find substitute goods in the short-run, but as time passes they are able to find substitutes, making it more elastic.
When demand is elastic?
The demand is elastic when the price is low. So people will buy more good so that it's demand will become more elastic. Moreover ,the demand is elastic when there are some new inventions.
How can a product have both elastic and inelastic demand?
A product can exhibit both elastic and inelastic demand depending on various factors such as price range, consumer preferences, and availability of substitutes. For instance, a product may have inelastic demand at lower price levels, as consumers consider it a necessity, but become elastic at higher prices when alternatives become more attractive or budgets are strained. Additionally, the time frame can influence demand elasticity; short-term demand may be inelastic, while long-term demand can become more elastic as consumers adjust their behavior.
Does elastic have a short e sound?
No. The E can have a short I, or more rarely a long E sound.
Which demand can become more elastic over time what changes can take place in the long term to affect demand?
Gasoline
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.
Is The supply curve more or less elastic in the long run than the short run?
more
Why would the demand for natural gas be more inelastic in the short run than in the long run?
Natural gas is inelastic in the short term because the amount of natural gas available does not tend to increase with demand. In the long run prices can become more elastic due to the ability to adjust your overall consumption of natural gas to match the supply.
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.
Along a linear demand curve as the price rises demand becomes more?
elastic
What are some of the factors that affect the elasticity of demand for labor?
The elasticity of demand for labor is influenced by several factors, including the availability of substitute labor, the degree of labor's contribution to production, and the time frame considered. Industries that can easily substitute capital for labor tend to have more elastic demand. Additionally, if labor accounts for a significant portion of total production costs, demand may be more sensitive to wage changes. Lastly, in the short term, demand may be inelastic due to contractual obligations, but it can become more elastic over the long term as firms adjust their workforce.
