1. Potentially enables US to trade with UK on better terms (than previously allowed when UK was a member of the EU)
2. Expected that Brexit will enable UK government to award National Health Service contracts to US suppliers
3. Brexit weakens the EU and hence makes US/NAFTA relatively stronger
Answer:
one with few substitutes
Explanation:
The higher price markup, the higher the price, the higher the cost to consumers.
If a good has few substitutes, the demand for the good is less elastic. If price is increased, there would be little or no change in quantity demanded and the sellers profit would increase.
If a good has many substitutes, the demand for the good would be more elastic. If price is increased, Quanitity demanded would fall because consumers would shift to cheaper substitutes. Sellers profit would fall.
If demand is very elastic. It means quantity demanded is very sensitive to price. If price is increased, Quanitity demanded would fall by more than the increase in price. Sellers profit would fall.
I hope my answer helps you
Mmhm could you pls expand a little more
If the price of the ski trip has increased then the demand
for the ski jacket will likely decrease because of the demand curve in terms of
the ski jackets that will be shipping to the leftward as the ski trip were to
increase.
