If the demand for a product is inelastic, which of these statements must be true? a) people will not buy any of the product when the price goes up. b) a price increase does not have a significant impact on buying habits. c) customers are sensitive to the price of the product. d) there are very few satisfactory substitutes for the product.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If the demand for a product is inelastic, which of these statements must be true? a) people will not buy any of the product when the price ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
1. Groups are characterized by mutual interaction and reciprocal influence. a. True b. False 2. Social contact is better satisfied by organizations than by groups. a. True b. False 3.
Answers (1)
Brick Co. has 170,000 shares of common stock outstanding at January 1, year 8. On May 1, year 8, it issued 30,000 additional shares of common stock. Outstanding all year were 12,000 shares of convertible cumulative preferred stock.
Answers (1)
Why do we need taxes
Answers (2)
To eliminate incompatibilities in the phone network, the u. s. government granted which company a monopoly on the telephone system
Answers (1)
The price of oil fell dramatically in 2015. what sort of macroeconomic shock would this be
Answers (1)
New Questions in Business
What is the difference between a layoff and being fired?
Answers (1)
What is "risk" and how can people reduce it through "risk shifting"?
Answers (1)
Which type of business is best for Juanita to start? A corporation, because she needs a large investment to get started a sole proprietorship, because she will work alone from home a franchise, because many others will want to start the same
Answers (2)
The essential requirement for different businesses to be related is that A. E) the production methods that they employ both entail economies of scale. B. B) the products of the different businesses are bought by much the same types of buyers. C.
Answers (1)
Which of the following statement best describes the difference between a trade surplus and a trade deficit?. A. A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports. B.
Answers (1)