Why do consumers sometimes take a while to respond to price changes?
(A) Consumers need time to decide whether the good is a luxury or a necessity.
(B) Price changes do not affect consumers.
(C) Demand sometimes becomes less elastic over time.
(D) Consumers cannot find acceptable substitutes immediately.
Ans: (D) Consumers cannot find acceptable substitutes immediately.
Economics
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What will be an ideal response?
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Which of the following addresses agency costs
a. spot checks of the quality of employee work b. hiring only from job fairs c. instituting longer work days d. reducing the number of holidays
Economics