Demand will be more elastic when
a. the time the consumer has to adjust to price changes is short.
b. the price of the good is low.
c. the number of good substitutes is large.
d. the consumption of the good is essential.
C
Economics
You might also like to view...
A gasoline tax to finance highways is a fairly good example of democratic decision-making resulting in the efficient level of output
a. True b. False
Economics
The desirable level of output in a perfectly competitive market if there exists a detrimental externality is
a. the point at which MSC curve intersects the marginal revenue curve. b. the point at which MSC intersects the MPC. c. the point at which MSC intersects MPC. d. the point at which marginal revenue curve intersects the MPC.
Economics