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Luxury goods like Dom Perignon champagne tend to have demand curves?
Wiki User
∙ 14y ago
Luxury goods like Dom Perignon champagne tend to have ______ demand curves.
Wiki User
∙ 14y ago
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Luxury goods like Dom Perignon champagne tend to have elastic demand curves?
correct
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.
What is the shape of a market demand curve?
Usually market demand curves are downward sloping.
The horizontal sum of all individual demand curves is known as?
The MArket Demand Curve
Do economist classify demand curves according to their elasticity?
yes, they do.
Luxury goods like Dom Perignon champagne tend to have elastic demand curves?
correct
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.
What is the shape of the market demand curve?
Usually market demand curves are downward sloping.
What is the shape of a market demand curve?
Usually market demand curves are downward sloping.
The horizontal sum of all individual demand curves is known as?
The MArket Demand Curve
What is eqiliblum point in the demand and supply?
The point of intersection of Demand and Supply curves is the equilibrium point.
Do economist classify demand curves according to their elasticity?
yes, they do.
What kind of elastic demand does electricity belong?
It depends on whether electricity is necessity or luxury. In the US where electricity is a necessity, the demand is likely to be inelastic In Africa where electricity is luxury, the demand is likely to be elastic
Which of these shows the amount of goods and services demanded by buyers?
both demand schedules and demand curves PSG on A+
Is price elasticity constant along demand curves?
explain why the price elasticity of demand varies along a demand curve, even if the demand curve is linear.
What does a The horizontal summing of individual demand curves create?
blunt blow
What is located at the point where the supply and demand curves intersect?
The equilibrium price.
