Answer:
b.The good is a necessity
Explanation:
The price elasticity of demand = percentage change in quantity demanded/ percentage change in price
3% / 12% = 0.25
When the coefficient of elasticity is less than one, demand is inelastic.
Inelastic demand means that when price increases, there is little or no change in quantity demanded.
Necessity goods are goods that are very important to consumers and thus they tend to have an inelastic demand. For example, medications.
Substitute goods are goods that can be used in place of another good because of their similarity. E.g. butter and margarine
Goods with many substitutes have an elastic demand. If price of a good increases, consumers can easily shift consumption to substitute goods.
Narrowly defined goods have an elastic demand because it is easier to find subsituites for such goods.
Demand is more elastic in the long run because consumers have more time to search for substitutes.
I hope my answer helps you
Answer:
yes
Explanation:
the constitution does set down the rights of the people like right to freedom and right to equality
Answer: i believe its Debt
Explanation:
A few of the following can be considered major factors in failure of small businesses:
-Lack of financial planning: when a business is born it needs to critically plan out the first few years of running. Small business often fail to plan out for the future and have less working capital at hand.
-Lack of expertise: small business cannot afford specialist managers and this may be a reason for failure
-no investment in marketing and research can also be a reason.
