Ask Question
BusinessBusiness
18 November, 09:58

If a normal good competes with 30 similar goods and all 31 goods give the consumer equal satisfaction, the demand for the normal good ... :

+1
Answers (1)
  1. 18 November, 10:21
    0
    Answer: Perfectly elastic.

    Explanation:

    If a normal good competes with many identical goods or substitute goods and all the goods gives the same level of satisfaction then the demand for the normal is perfectly elastic.

    There are large number of firms which are selling similar product, so if any firm increases their price by a little amount then as a result demand for their product falls to zero.

    Perfectly elastic demand refers to the demand in which any increase in the price would cause the quantity demanded for the product falls to zero.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If a normal good competes with 30 similar goods and all 31 goods give the consumer equal satisfaction, the demand for the normal good ... : ...” 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
Exercise 15-2 On January 1, 2017, Klosterman Company issued $420,000, 12%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds.
Answers (1)
Dr. cho wants to know if differences in the growth rate of fish are based on genetics or the environment. he buys two fish. fish 1 is fed every day, while fish 2 is fed every other day.
Answers (1)
Quentin operates an ice cream franchise which has shops throughout the united states. coolcream co., the franchisor, supplies the ingredients and formula so that quentin can create the ice cream in his store and sell it fresh to customers.
Answers (1)
According to Project GLOBE, which type of leadership includes behaviors intending to ensure the safety and security of the leader and the group? a. self-protective b. autonomous c. humane-oriented d. team-oriented e. participative
Answers (1)
A strong employer-employee relationship is central to: A. achieving a corporation's goals of economic production. B. satisfying the wishes of those who contribute their skills and talents to the company. C.
Answers (1)
New Questions in Business
China has a collectivist culture. how do you believe that this will affect managers in a starbucks store?
Answers (1)
XYZ title, in preparing a title commitment for a transaction set to close on July 1, 2009, comes across a deed from July 1, 1988 that is improperly acknowledged. What notation should they put on the title commitment?
Answers (1)
When a firm in perfect competition has economic profit is equal to zero?
Answers (1)
Workers who receive benefits are often less motivated. True or false.
Answers (1)
Examples of transaction costs include (check all that apply) : A. the cost of the externality. B. the cost of monitoring an agreement. C. the cost of drafting a contract or agreement. D.
Answers (1)
Home » Business » If a normal good competes with 30 similar goods and all 31 goods give the consumer equal satisfaction, the demand for the normal good ... :
Sign Up Forgot Password?