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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.
''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
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.
''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 __________.
What is the source of elastic?
Mechanical energy (that causes the elastic deformation).
''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 does demand elastic mean?
The term "Unitary elastic" is used when the price elasticity of demand is equal to 1. For example, change in price from 10 to11 (+10%) causes change in quantity from 10 to 9 (-10%). 10%/10%=1. Unitary Elastic for the Elasticity of Demand is a proportionate change in price and quantity. This means that the reaction of consumers to price changes is stable and not dramatic like elastic products, and not small or no changes in quantity like inelastic products. It's in the middle of these two. As price goes up or down for unitary products, the total revenue from it stays relatively the same.
What does unitary elastic demand means?
The term "Unitary elastic" is used when the price elasticity of demand is equal to 1. For example, change in price from 10 to11 (+10%) causes change in quantity from 10 to 9 (-10%). 10%/10%=1. Unitary Elastic for the Elasticity of Demand is a proportionate change in price and quantity. This means that the reaction of consumers to price changes is stable and not dramatic like elastic products, and not small or no changes in quantity like inelastic products. It's in the middle of these two. As price goes up or down for unitary products, the total revenue from it stays relatively the same.
