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- Supply is said to be inelastic when the: Choose correct and explain your choice a. percentage change in quantity supplied is less than the percentage change in price. b.percentage change in quantity supplied is greater than the percentage change in price. c. change in quantity supplied is less than the change in price. d. change in quantity supplied is greater than the change in price.All of the following are non-price determinants of demand except * income number of buyers tastes and preferences costs incurred in buying the productPerfectly inelastic demand, like that of medication, means that consumers A. will buy the same quantity, regardless of price. B. will buy a huge, almost infinite amount more, if the price falls just a little. C. decrease their consumption as price rises. D. are willing to buy any quantity of the good at a given price, but none at higher prices. iE. ncrease their consumption as price rises.
- Demand is the quantity of goods:A. desired by consumers.B. ordered by consumers in a particular period.C. consumers are willing and able to buy at particular prices in a certain period.D. that consumers require in order to survive.If the demand for a product is elastic, then a rise in price will keep total spending the same, but increase the quantity demanded. cause total spending on the good to increase. cause total spending on the good to decrease. keep total spending the same, but reduce the quantity demanded.What is the law of demand? A) As the price of a good increases, its demand decreases B) As the price of a good increases, its demand increases C) Demand remains constant regardless of price changes D) Demand is directly proportional to supply Don't use chatgpt otherwise give 20 downvotes Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- 09. Which of the following statements is False? a) Supply is a relationship between price and quantity. b) Demand represents the willingness and ability of buyers to buy quantities of a good at various prices. c) The demand relationship represents the specific quantity of a good demanders have bought. d) All of the above e) None of the aboveWhich one of the following statements is correct?A. “Demand” and “claim” have the same meaning.B. To demand a good requires only a desire to possess the good.C. Demand relates to plans, not to events that have occurred already.D. “Demand” and “need” have the same meaning.E. Demand refers to the quantities that consumers bought recentlyThe demand for books is Qd= 240-2P and The supply for books is Qs = 4P.a. What is the equilibrium quantity and equilibrium price of books sold? b. Calculate Producer Surplus at the equilibrium point. c. What will happen on the market if the price is 30? d. Calculate the price elasticity of demand at the equilibrium point and show the effects of price elasticity of demand on Total Revenue. please solve "b and d".
- Demand: Determinants of demand What causes the demand curve to shift left or right? This could include, amongst other things Incomes Price of other goods Tastes and preferences Demographics Seasonal changes Laws and regulationsTrue/False The demand of normal good rise with the fall in incomeIf a small percentage increase in the price of a good results in a rather large percentage reduction in the quantity demanded of the good, demand is said to be a. vertical b. relatively inelastic. c. relatively elastic. d. robust.
