1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zubka84 [21]
3 years ago
8

Explain why an item that has many close substitutes tends to have an elastic demand

Business
1 answer:
Blababa [14]3 years ago
6 0
The item that has many close substitutes tend to have an elastic demand since this means that the consumers have a lot of variations to choose from. This makes the demand for the item very dependent on the number of consumers this item caters. The more substitutes mean more competition, more choices for the consumers, less demand for a particular item. 
You might be interested in
A company's income statement showed the following: net income, $136,000 and depreciation expense, $33,600. An examination of the
elixir [45]
Eeeeeeeeew
Hope this helps pass
6 0
2 years ago
A golf course is mostly likely to be closed on what day of the week?
nikklg [1K]
Hi!

The day of the week a golf course is mostly likely to be closed on is Monday. =)
8 0
3 years ago
There is no such thing as a free lunch.This statement best reflects the fact that a. consumers are unwilling to pay for a good u
Alexandra [31]

Answer:  Option B

   

Explanation: Opportunity cost refers to the of loss of profit when an individual or firm chooses one alternative over other.

The statement in the given case, depicts the opportunity cost one has to pay of using the scarce resources  that could be sued on different alternatives.

The lunch is never free depicts that one could have used it in other alternatives that may have produced some economic benefits.

Hence, the correct option is B.

6 0
3 years ago
The government uses taxes and subsidies to guide consumption and production decisions.
aleksandrvk [35]

Answer: True

Explanation:

Tax is the amount of money that's paid by an individual or firm to the government. Subsidies are the funds or other forms of assistance that's given by the government to firms in order to help them increase their production and lower the prices of goods.

Fir example, if the government wants to decrease consumption in the economy, the government can increase tax. On the other hand, the government can increase consumption by reducing tax as people will have money to spend and also more money for production purpose.

4 0
2 years ago
Problem 1-11 For most products, higher prices result in a decreased demand, whereas lower prices result in an increased demand.
andrew-mc [135]

Answer:

The firm will sell 600 units at $20

Explanation:

Giving the following information:

d = annual demand for a product in units

p = price per unit

d = 800 - 10p

p must be between $20 and $70.

Elastic demand

We have to calculate how many units the firm will sell at $20

d=800-10*p=800-10*20= 600 units

3 0
2 years ago
Other questions:
  • Why did the United States issue the Marshall Plan?
    15·1 answer
  • The following income statements were drawn from the annual report of The Western Sales Company. Year 2 Year 1 Sales 40,000 40,00
    7·1 answer
  • Bronson Industries reported a deferred tax liability of $8 million for the year ended December 31, 2017, related to a temporary
    13·1 answer
  • The newspaper reported last week that Bennington Enterprises earned $34.07 million this year. The report also stated that the fi
    5·1 answer
  • Assume Maine Line Railway is considering hiring a reservations agency to handle passenger reservations. The agency would charge
    6·2 answers
  • Adrian placed an X-Box on layaway as a Christmas gift. The price of the X-Box was $400.00. The store charges a 5% layaway fee an
    15·1 answer
  • Calculate the present value of $4,000 received five years from today if your investments pay (Do not round intermediate calculat
    15·1 answer
  • According to the market theory of wage determination, under what circumstances will wages for a particular group be highest?
    14·2 answers
  • Vail Mountain Resort in Vail, Colorado, is a world-class ski destination. Vanessa is a newly-hired manager of digital media and
    6·1 answer
  • If a firm can raise market price by reducing its output, then:
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!