Which of the following would result in higher price elasticity? A.) A good becoming a necessity...
Which of the following would result in higher price elasticity?
A.) A good becoming a necessity
B.) A Shorter Time
C.) A longer time period
D.) Fewer substitutes
Homework Answers
Correct Answer:
C
Explanation:
When time duration is longer, then it gives opportunity to adapt to the other alternatives or adjust the consumption level over a period of time. As a result, price elasticity increases in the long run.
Add Answer to:
Which of the following would result in higher price
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Question 12 Which of the following would result in a higher absolute value of the price elasticity of demand for a product? The expenditure on the good is small relative to one's budget. The good is a necessity. The time period under consideration is short. A wide variety of substitutes are available for the good.
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please help with these 10 questions. Thank you
2. If the price elasticity of demand is 10, then for every 1% Increase in price, there is a: 1% decrease in quantity demanded. O 1% increase in quantity demanded. O 10% increase in quantity demanded. 10 / decrease in quantity demanded. sales of reels because the two goods are 3. If the cross elasticity of demand between fly rods and reels is -0.8, a decrease in the price of rods would...
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Suppose that the price elasticity of demand of a good is -3. Its demand is _________...
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9. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises. A good's price elasticity of demand depends in part on how necessary...
5. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
5. Determinants of the price elasticity of demand
Consider some determinants of the price elasticity of
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• The availability of close substitutes
• Whether the good is a necessity or a luxury
• How broadly you define the market
• The time horizon being considered
A good with many close substitutes is likely to have relatively
__(Elastic, Inelastic)___ demand since consumers can easily choose
to purchase one of the close substitutes if the price of the good
rises.
A...
Question 12 Which of the following would result in a higher absolute value of the price elasticity of demand for a product? The expenditure on the good is small relative to one's budget. The good is a necessity. The time period under consideration is short. A wide variety of substitutes are available for the good.
please help with these 10 questions. Thank you
2. If the price elasticity of demand is 10, then for every 1% Increase in price, there is a: 1% decrease in quantity demanded. O 1% increase in quantity demanded. O 10% increase in quantity demanded. 10 / decrease in quantity demanded. sales of reels because the two goods are 3. If the cross elasticity of demand between fly rods and reels is -0.8, a decrease in the price of rods would...
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5. Determinants of the price elasticity of demand
Consider some determinants of the price elasticity of
demand:
• The availability of close substitutes
• Whether the good is a necessity or a luxury
• How broadly you define the market
• The time horizon being considered
A good with many close substitutes is likely to have relatively
__(Elastic, Inelastic)___ demand since consumers can easily choose
to purchase one of the close substitutes if the price of the good
rises.
A...
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