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gregori [183]
3 years ago
6

How does a business that is highly elastic respond to a drop in prices

Social Studies
1 answer:
erma4kov [3.2K]3 years ago
8 0

Answer:

The more elastic the supply curve, the easier it is for sellers to reduce the quantity sold, instead of taking lower prices. In a market where both the demand and supply are very elastic, the imposition of an excise tax generates low revenue.

Explanation:

Price elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market price. According to basic economic theory, the supply of a good will increase when its price rises. Conversely, the supply of a good will decrease when its price decreases.

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A colleague has visited several foreign countries recently, has adequate work quality, speaks openly of unhappiness with U.S. fo
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5 0
1 year ago
The present is the key to the past" is a condensed formulation of:
aleksandr82 [10.1K]

Answer:

b. The principle of uniformitarianism

Explanation:

The present is the key to the past" is a condensed formulation of the principle of uniformitarianism.

4 0
3 years ago
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3 years ago
Why is it important that companies have so many responsibilities to consumers?
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Answer:

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Hope this helps!

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