Which of the following statements is correct?
A) Demand is more elastic in the short run than in the long run.
B) The price elasticity of demand for new products in new markets is likely to be inelastic.
C) The longer the time consumers have to adjust to changes in the price of a good, the more inelastic the demand will be.
D) The availability of substitutes for a good does not affect its price elasticity of demand.
Correct Answer:
Verified
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Q37: The following graph shows a downward-sloping demand
Q38: For a(n) _ good, a fall in
Q39: If a good has many close substitutes,
Q41: If the price of a good falls
Q42: If the cross price elasticity of two
Q43: If a good is price inelastic, an
Q44: If two goods are substitutes, the cross-price
Q45: Under first-degree price discrimination, _.
A) consumers pay
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