Ask Question
BusinessBusiness
16 April, 13:56

Many new restaurants have opened in Collegetown in recent years. Given this change in supply, what type of demand would result in a larger drop in prices for restaurant meals?

+2
Answers (1)
  1. 16 April, 15:36
    0
    Answer: Inelastic demand

    Explanation:

    When new restaurants have opened in College town in recent years, the supply for restaurant meals increase. This will lead to a rightward shift in the supply curve for restaurant meals leading to a fall in the price and an increase in the quantity. The fall in price will be larger the more inelastic demand is. When demand is more elastic then a fall in price will be less when supply increases.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Many new restaurants have opened in Collegetown in recent years. Given this change in supply, what type of demand would result in a larger ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Which one of the following would be more apt to make an unacceptable project appear acceptable? (A) Discounting real cash flows with real rates (B) Discounting real cash flows with nominal rates (C) Discounting nominal cash flows with real rates (D)
Answers (1)
With the amount of money you received from your paycheck, ($589.69 you want to put 8% of it into your savings account. How much money will you be placing into your savings account?
Answers (1)
eSports Inc. offers entrepreneurs the opportunity to operate a franchise under the eSports trade name as the owner of a game-playing venue. To possible franchisees, eSports makes earnings claims. For those claims, the franchisor a.
Answers (1)
A company expects sales to increase during the coming year, and it is using the AFN equation to forecast the additional capital that it must raise.
Answers (1)
Do managers in both small and large companies perform similar types a activities
Answers (2)
New Questions in Business
Andrew, a pharmacist, realized that he should stock extra supplies of a particular medicine to respond to an outbreak of a particular infection in the city.
Answers (1)
In 2018, Gail had a § 179 deduction carryover of $30,000. In 2019, she elected § 179 for an asset acquired at a cost of $115,000. Gail's § 179 business income limitation for 2019 is $140,000. Determine Gail's § 179 deduction for 2019.
Answers (1)
The Widget Company's produces several brands. Total sales for Brand "A" are forecasted to be $950,000. The portion of the companies' fixed costs that are assigned to Brand "A" is $300,000. Brand "A" sells for $310. Its variable cost per unit is $238.
Answers (1)
Gamma corporation, an american company, signs a contract with theta corporation, a corporation from another nation, where theta will provide gamma with certain raw materials.
Answers (1)
Bagfur is a manufacturer of original leather handbags. Its business has dropped as the use of leather has been banned in a lot of countries.
Answers (1)
Home » Business » Many new restaurants have opened in Collegetown in recent years. Given this change in supply, what type of demand would result in a larger drop in prices for restaurant meals?
Sign Up Forgot Password?