If a product has an inelastic demand, then:
a. there is probably a long time period under consideration.
b. as price increases, total revenue to producers decreases.
c. an increase in the price will decrease total consumer expenditures.
d. there are probably many complements for the good.
e. there are probably few substitutes for the good.
e
You might also like to view...
What is the relationship between the income effect and the substitution effect for a normal good and what is it for an inferior good?
What will be an ideal response?
When economists talk about a demand schedule for a product, they mean
A) the amount of a good that consumers intend to purchase at each price in a set of possible prices in a given time period. B) the amount of a good that consumers are able to purchase (though they might not be willing to) at different prices in a given period of time. C) the amount of a good that consumers intend to purchase at only one particular price in a given period of time. D) the amount of a good that producers are willing to make available for sale at a particular price in a given time period.