1. Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000...
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Question:
1. Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250. Based on this information, the demand for Jim's product is
a) Elastic
b) Unitary elastic
c) Inelastic
d) Hard to determine
2. Which of the following is false?
a) Products with close substitutes have elastic demandb) Demand for individual brand is less elastic than industry aggregate demand
c) Products with many complements have less elastic demand
d) In the long run, demand curves become more elastic
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Posted Date: