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What product is more likely to have the MOST elastic demand curve?
Household electricity
What is the most likely result when the price of a good with elastic demand is raised by 10 percent?
quanity sold will increase by 10 percent
What is the ranking of the following products in order of elasticity of demand, from the least elastic to the most elastic?
The ranking of the products in order of elasticity of demand, from the least elastic to the most elastic, is as follows: necessity goods, luxury goods, and then substitute goods.
Which explains how elastic demand would most likely affect consumer demand?
Elastic demand refers to a situation where the quantity demanded of a good or service significantly changes in response to price fluctuations. When demand is elastic, a small decrease in price can lead to a substantial increase in consumer demand, as buyers are more sensitive to price changes. Conversely, if prices rise, consumers may significantly reduce their purchases or seek alternatives. This responsiveness can influence pricing strategies and revenue for businesses, as they must consider how price changes will impact overall demand.
What is most likely to happen to the price of a product if demand and supply increase at the same rate?
prices stay stable. studddy islannd ! :)
What product is more likely to have the MOST elastic demand curve?
Household electricity
What is the most likely result when the price of a good with elastic demand is raised by 10 percent?
quanity sold will increase by 10 percent
What is most likely result when the price of a good with elastic demand is raised by 10 percent?
quanity sold will increase by 10 percent
What is the ranking of the following products in order of elasticity of demand, from the least elastic to the most elastic?
The ranking of the products in order of elasticity of demand, from the least elastic to the most elastic, is as follows: necessity goods, luxury goods, and then substitute goods.
In what kind of market is the price demand the most elastic?
Perfect Competition
Which factor would most likely cause the demand for a company's product to decrease?
(Apex) A competitor introduces a similar product at a much lower price.
What is most likely to happen to the price of a product if demand and supply increase at the same rate?
prices stay stable. studddy islannd ! :)
What is most likely to happens to the price of a product if demand and supply increases at the same rate?
prices stay stable. studddy islannd ! :)
What is most likely to happen to the prices of a product if demand and supply increase at the same rate?
prices stay stable. studddy islannd ! :)
Which factor would most likely cause the demand for a company's product to decrease?
A competitor introduces a similar product at a much lower price.
The difference between a elastic and inelastic demand?
Elastic demand changes according to some other factor. The demand for holdiay trees is elastic throughout the year because there is only damand during the winter season. Inelastic demand is constant. As you might have guessed, the demand for gasoline is inelastic because most families need a constant supply. Even during the so-called summer driving season, the uptick in demand is going to remain the same, unless prices cause what is called "demand destruction." This is what happened during 2009.
Explain what is meant by Price Elasticity of Demand?
there are broadly classified into five types 1. Perfect price elasticity of demand 2. Perfect price in-elasticity of demand 3. Relative price elasticity of demand 4. Relative price in-elasticity of demand 5. Unity price elasticity of demand
