The price elasticity of demand coefficient for a good will be greater:
A. if close substitutes exist.
B. if minor complements exist.
C. in the short-run.
D. if a small portion of the budget will be spent on it.
Answer: A
Economics
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Demand and supply analysis is particularly important if
a. the success of your firm is closely linked to the profitability of your primary industry b. the success of your firm is independent of the profitability of your primary industry c. the success of your firm is unlikely d. demand and supply analysis is unimportant
Economics
Some suggest that when economists claim to be thinking ________, they are ________.
A. positively; deluding themselves B. negatively; deluding themselves C. normatively; really thinking positively D. normatively; deluding themselves
Economics