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If a price change causes the quantity demanded of a good to decrease by 30 percent while total revenue of that good increases by 15 percent is the demand curve elastic or inelastic?
inelastic
Which is most consistent with the law of demand?
An increase in the price of heating oil causes a decrease in the quantity of heating oil demanded.
If a 30 price increase for product A causes a 10 decrease in its quantity demanded but no change in the quantity demanded for product b. What is the cross price of these goods?
The cross-price elasticity of demand measures the responsiveness of the quantity demanded of one good when the price of another good changes. In this case, since the price increase of product A leads to a decrease in its quantity demanded but no change in the quantity demanded for product B, the cross-price elasticity is zero. This indicates that products A and B are independent of each other in terms of demand, meaning they are not substitutes or complements.
''Rising oil prices have caused a sharp decrease in the demand for oil.'' Speaking precisely and using terms as they defined by economists choose the statement that describes this quotes?
The quotation is incorrect: An increase in price causes a decrease in the quantity demanded, not a decrease in demand.
What does a flat line mean in a demand curve?
If a market is faced with a horizontal demand curve, then the demand in that market by consumers is perfectly elastic. More simply, any minuscule change in price causes a huge change in quantity demanded.
If a price change causes the quantity demanded of a good to decrease by 30 percent while total revenue of that good increases by 15 percent is the demand curve elastic or inelastic?
inelastic
Which is most consistent with the law of demand?
An increase in the price of heating oil causes a decrease in the quantity of heating oil demanded.
If a 30 price increase for product A causes a 10 decrease in its quantity demanded but no change in the quantity demanded for product b. What is the cross price of these goods?
The cross-price elasticity of demand measures the responsiveness of the quantity demanded of one good when the price of another good changes. In this case, since the price increase of product A leads to a decrease in its quantity demanded but no change in the quantity demanded for product B, the cross-price elasticity is zero. This indicates that products A and B are independent of each other in terms of demand, meaning they are not substitutes or complements.
''Rising oil prices have caused a sharp decrease in the demand for oil.'' Speaking precisely and using terms as they defined by economists choose the statement that describes this quotes?
The quotation is incorrect: An increase in price causes a decrease in the quantity demanded, not a decrease in demand.
What does a flat line mean in a demand curve?
If a market is faced with a horizontal demand curve, then the demand in that market by consumers is perfectly elastic. More simply, any minuscule change in price causes a huge change in quantity demanded.
What is called when each change in price causes a relatively larger change in quantity demand?
Elastic
What changes does a unit elastic supply curve show?
A change in price causes a relatively smaller change in quantity supplied .
When a particular market the law of demand and the law of supply both apply the imposition of a binding price ceiling in that market causes?
When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be greater than quantity supplied.less than quantity supplied.equal to quantity supplied.Any of the above is possible.
What is value change management?
When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be __________.
When the money market is drawn with the value of money on the vertical axis a decrease in the price level causes a?
When the money market is drawn with the value of money on the vertical axis, a decrease in the price level causes an increase in the demand for money. This is because lower prices increase the real value of money, making it more desirable to hold. As a result, the quantity of money demanded shifts to the right, leading to a lower interest rate in equilibrium. This can stimulate economic activity as borrowing becomes cheaper.
''Falling oil prices have caused a sharp decrease in the supply of oil'' Speaking precisely and using terms as they are defined by economists. Write the statement that best describes this statement?
The quotation is incorrect: A decrease in price causes a decrease in the quantity supplied, not a decrease in supply.
What is the source of elastic?
Mechanical energy (that causes the elastic deformation).
