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Which of the following would not be a characteristic of a product with a relatively elastic demand?
Computers and TV's
the price elasticity of demand is zero
Car
Decrease the price.
inelastic
is different across each price range
Buyers spend a relatively small portion of their income on the good.
Inelastic
Let's assume that the supply of paper increases resulting in a decrease in the price of paper, but the quantity sold doesn't change. This tells us that
Computers and TV's
the price elasticity of demand is zero
Car
Decrease the price.
inelastic
is different across each price range
Buyers spend a relatively small portion of their income on the good.
Inelastic
If the price elasticity of demand for a good is .25, the demand for the good can be described as:
Computers and TV's
the price elasticity of demand is zero
Car
Decrease the price.
inelastic
is different across each price range
Buyers spend a relatively small portion of their income on the good.
Inelastic
You are the manager and have been informed that the elasticity for your product is 2.3. To increase total revenue you should
Computers and TV's
the price elasticity of demand is zero
Car
Decrease the price.
inelastic
is different across each price range
Buyers spend a relatively small portion of their income on the good.
Inelastic
As we move down a downward sloping demand curve, the price elasticity of demand
Computers and TV's
the price elasticity of demand is zero
Car
Decrease the price.
inelastic
is different across each price range
Buyers spend a relatively small portion of their income on the good.
Inelastic
Which of the following products are most likely to be price elastic in the long run?
Computers and TV's
the price elasticity of demand is zero
Car
Decrease the price.
inelastic
is different across each price range
Buyers spend a relatively small portion of their income on the good.
Inelastic
Which of the following would be most likely to have a price inelastic demand?
Computers and TV's
the price elasticity of demand is zero
Car
Decrease the price.
inelastic
is different across each price range
Buyers spend a relatively small portion of their income on the good.
Inelastic
A product has a price of $6.00 and sales of 650 units. Price increases to $8.00 and the quantity of sales falls to 550. The price elasticity of demand is
Computers and TV's
the price elasticity of demand is zero
Car
Decrease the price.
inelastic
is different across each price range
Buyers spend a relatively small portion of their income on the good.
Inelastic
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