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What happens when the quantity demanded is very responsive to changes in​ price?
The percentage change in quantity demanded will be
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When demand curves​ intersect, the curve with the larger slope in absolute value​ (the steeper demand​ curve) is more elasti
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QuestionAnswer
What happens when the quantity demanded is very responsive to changes in​ price? The percentage change in quantity demanded will be greater than the percentage change in price
When demand curves​ intersect, the curve with the larger slope in absolute value​ (the steeper demand​ curve) is more elasti False
Suppose Wendy's hamburgers have many close substitutes available.   If​ so, then an increase in the price of Wendy's hamburgers will likely decrease the quantity of Wendy's hamburgers demanded by a relatively large amount.
In​ general, the demand for a good will be​ _________ elastic the​ ___________ the share of the good in the average​ consumer's budget. ​less; smaller
If the demand for orange juice is elastic ​, will an increase in the price of orange juice increase or decrease the revenue received by orange juice​ sellers? If the price of orange juice increase​, revenue will decrease
The price of organic apples rises and apple growers find that their revenue decreases . Is the demand for organic apples elastic or​ inelastic? The demand for organic apples is elastic
Instead, suppose salt and pepper were substitutes . If​ so, then the​ cross-price elasticity of demand between salt and pepper would be positive
Suppose a professional basketball game is to be played at a ​downtown urban arena, which increases demand for parking on the night of the game. If the urban area has limited ability to create additional parking during periods of peak​ demand, then the supply of parking will be more inelastic and the price of parking will increase by a relatively large amount the night of the game.
Created by: cupcake1010
 

 



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