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What factors tend to make demand curves more price elastic?
Close substitutes, increased income, luxury goods, time. Addiction makes demand less elastic, (inelastic) ex. Cigarettes. As time increases more substitutes become available.
If a good is a necessity with few substitutes then the price elasticity of demand will tend to be?
lower
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
How does an increase in price affect how much of a product is bought?
An increase in price typically leads to a decrease in the quantity demanded for a product, following the law of demand. As prices rise, consumers may seek substitutes or reduce their overall consumption of the product. This relationship can vary based on factors such as the product's necessity, availability of alternatives, and consumer income. In general, higher prices tend to deter purchases, while lower prices encourage them.
Why does demand for substitutes tend to move in the opposite direction from each other?
Answer this question… A. When the price of a good goes up, consumers shift their demand to its substitute. B. Substitute goods have perfect unit elasticity for each other. C. Substitute goods tend to have inelastic demand. D. One of the substitutes is usually elastic, while the other is inelastic.
What factors tend to make demand curves more price elastic?
Close substitutes, increased income, luxury goods, time. Addiction makes demand less elastic, (inelastic) ex. Cigarettes. As time increases more substitutes become available.
If a good is a necessity with few substitutes then the price elasticity of demand will tend to be?
lower
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
Sodium and chloride ions combine readily because they both tend to lose?
true
Why does demand for substitutes tend to move in the opposite direction from each other?
Answer this question… A. When the price of a good goes up, consumers shift their demand to its substitute. B. Substitute goods have perfect unit elasticity for each other. C. Substitute goods tend to have inelastic demand. D. One of the substitutes is usually elastic, while the other is inelastic.
What accessories tend to accompany ball dresses?
Ball dresses typically do not come with accessories when they are purchased. However, accessories such as wraps and gloves can be purchased at the time the dress is purchased, these items are readily available and can be color coordinated at the time of the purchase.
Why can hypoglycemia cause lethargy?
Hypoglycemia is a condition where there is not enough sugar in your blood. Blood sugar is the most readily available fuel for your body to use in exercise. It seems natural that people who do not have enough fuel in their blood would tend to be less active.
What is product cost as cost of market segmentation?
When segmenting broad product-markets, cost considerations tend
The forecasting time horizon and the forecasting techniques used tend to vary over the life cycle of a product true or false?
Yes, they do tend to vary over the life cycle of a product.
Do suppliers tend to produce less or more when the price goes up?
they tend to produce less because there are less demands for that product
Why is a item that has many close substitutes tend to have an elastic demand?
An item with many close substitutes tends to have elastic demand because consumers can easily switch to alternative products if the price of the item rises. This sensitivity to price changes means that even a small increase in price can lead to a significant drop in quantity demanded, as consumers opt for substitutes. Conversely, if the price decreases, the demand for the item may increase sharply as it becomes more attractive relative to its alternatives. Therefore, the presence of close substitutes increases the responsiveness of consumers to price changes.
Can I cook with country crock shedd's spread?
Probably not. The artificial margarine and butter substitutes tend to have a higher water content than margarine or natural butter, and thus are unsuitable for baking and frying.
