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 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
Shelby and her sister Isa want to go into business together selling beauty products. They have agreed to share the risks and profits associated with their new business endeavor, what type of business ownership should they set up?
Answers (2)
When a nation's currency appreciates, what is the most likely result?
Answers (1)
Mansfield Pharmaceuticals markets Zipro, an antibiotic. The firm has fixed costs of $1,000,000 and variable costs of $2 per bottle of 50 tablets priced at $10 per bottle. What is the break-even volume?
Answers (1)
Which of the following statements is correct? A. Control is most effective when two or three people are given responsibility for the same task. B. The person who has custody of assets should not perform the record keeping for the assets. C.
Answers (1)
The following information is available for Sheridan Company for the month of January: expected cash receipts $59,020; expected cash disbursements $66,600; and cash balance on January 1, $11,980.
Answers (1)
New Questions in Business
Camilo's property, with an adjusted basis of $155,000, is condemned by the state. Camilo receives property with a fair market value of $180,000 as compensation for the property taken. a. What is Camilo's realized and recognized gain? b.
Answers (1)
A decrease in resource prices will increase the incentive of users to purchase the resource. suppliers to provide more of the resource. firms to find and develop substitutes for the resource.
Answers (1)
Garden Company purchased merchandise on account from Parker Company for $88,000 with terms 1/15, net 45. Garden Company returned $12,000 of the merchandise and received full credit from Parker Company.
Answers (1)
Money is a productive asset. Its opportunity cost is: A) The time value of money. B) Valuation. C) Inflation. D) Replacement cost. E) Depreciation.
Answers (1)
What term refers to selling goods in a foreign market at a price that is far below the cost of production? A. profiteering B. screening C. offloading D. dumping
Answers (2)