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What effect does the availability of many good substitutes have on the elasticity of demand for a good?
Demand is elastic
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
When elasticity of demand for a good is exactly 1 how is demand described?
It means it is Unitary elastic.
What do positive and negative cross elasticity indicate?
the demand for good A and the demand for good B are both price elastic
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
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.
What effect does the availability of many good substitutes have on the elasticity of demand for a good?
Demand is elastic
What does the availability of many substitutes have on the elasticity of the demand for a good?
Demand is elastic
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
When elasticity of demand for a good is exactly 1 how is demand described?
It means it is Unitary elastic.
What do positive and negative cross elasticity indicate?
the demand for good A and the demand for good B are both price elastic
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
When a firm's marginal revenue is zero what can be said about the elasticity of demand for the output of the firm A. Demand is inelastic. B. Demand is elastic. C. Demand is unit elastic.?
Demand is unit elastic.
Is fruit elastic or inelastic demand?
elastic
If a good is inferior in an economic sense income elasticity will?
demand rice elastic
Demand is said to be elastic if?
buyers do not respond much to changes in the price of the good.
What is perfect elastic of demand?
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
