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If the demand for a good is inelastic and the price of the good decreases?
Increase. Inelastic demand means that most consumers will continue to buy a good regardless of price.
What happens to the price of a good in a market with perfectly inelastic supply when there is a decrease in demand for that good?
In a market with perfectly inelastic supply, the price of a good will not change when there is a decrease in demand for that good.
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.
Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
A perfectly inelastic demand curve will be completely horizontal and means that consumers would any price for a particular good, which is almost impossible. The closer to being horizontal a demand curve is, the more inelastic the demand.
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.
If the demand for a good is inelastic and the price of the good decreases?
Increase. Inelastic demand means that most consumers will continue to buy a good regardless of price.
What happens to the price of a good in a market with perfectly inelastic supply when there is a decrease in demand for that good?
In a market with perfectly inelastic supply, the price of a good will not change when there is a decrease in demand for that good.
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.
Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
A perfectly inelastic demand curve will be completely horizontal and means that consumers would any price for a particular good, which is almost impossible. The closer to being horizontal a demand curve is, the more inelastic the demand.
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.
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.
Will a monopolist charge a lower price where demand is price elastic and a higher price where demand is price inelastic?
Yes. A monopolist would tend to charge a price closer to fair market value when the demand for a good is elastic. If not demand would be affected. With a monopoly controlled inelastic good the consumer has no recourse and there for would be and the mercy of the supplier.
If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good the demand for that good is?
price inelastic
What are needed to determine the equilibrium price of a good or service?
Consumers have inelastic demand
Type of demand in which consumers keep buying a good despite a price increase?
Inelastic :)
How does the price range affect the elasticity of demand for a product?
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
How does the price range affect the elasticity of demand for the product?
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
