If the demand for a good is elastic, then 相关知识点: 试题来源: 解析 people substantially decrease the quantity of the good they buy if its price increases by a small percentage. 答案解析: 1. I often come by bike. 这句话描述了“我
Definition:Elastic demand is an economic concept that occurs when the quantity of a product responds intensively to a change in the price of the product. What Does Elastic Demand Mean? Contents[show] What is the definition of elastic demand?According to thelaw of demand, when the price of a...
If the demand for a good is elastic, then a(n)A. decrease in price will increase total revenue.B. decrease in price will decrease total revenue.C. increase in price will have no effect on total revenue.D. increase in price will increase total revenue. 正确答案:A 分享到: 答案解析: ...
TOP: Perfectly elastic demand | Equilibrium price | Equilibrium quantity MSC: Applicative 相关知识点: 试题来源: 解析 A 当需求具有完全弹性时,需求曲线呈水平线(价格为常数)。此时,供给的减少会导致供给曲线左移。由于消费者仅在特定价格下购买商品,均衡价格不会改变,但供给减少将直接降低均衡数量。具体分析...
Definition:A perfectly elastic demand curve is represented by a straight horizontal line and shows that the marketdemandfor a product is directly tied to the price. In fact, the demand is infinite at a specific price. Thus, a change in price would eliminate all demand for the product. ...
A. an increase in its price results in an increase in total revenue. B. a decrease in its price results in a decrease in total revenue. C. an increase in its price results in a decrease in total revenue. D. the good is a necessity. ...
Elastic demand is the situation in which demand for a product or service is sensitive to price changes. Elastic demand is a major concern for a manufacturer that attempts to set a product’s price based on the product’s costs. For instance, if the manufacturer’s production and sales have...
Definition:Unit elastic demand is an economic theory that assumes a change in price will cause an equal proportional change in quantity demanded. Put simply unitary elastic describes ademandorsupplythat is perfectly responsive to price changes by the same percentage. You can think of it as a unit...
C is correct. The longer the time that has elapsed since a price change, the more elastic demand is. For example, if gas prices rise, consumers cannot quickly change their mode of transportation but will likely do so in the longer run.反馈...
A good has elastic demand when the quantity demanded changes by a larger percentage when there is a given percentage change in the price of the good, holding other factors constant. A good with elastic demand has a price elasticity that is larger than one in absolute value....