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Lostsunrise [7]
2 years ago
7

Which statement gives an example of a price-sensitive good?

Social Studies
1 answer:
Mariana [72]2 years ago
3 0

The correct answer is B "The price of chocolate has gone up and sales are down". Price sensitivity is the effect the price of a product causes in its demand towards consumers. It is also called price elasticity of demand. A simple example is when the price of a good goes up, its sales go down. It means the consumers are not willing to pay more for that product. This is the case of option B. The price of chocolate increased and made the sales decrease.

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Korolek [52]

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<h3><u>Explanation:</u></h3>

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3 years ago
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2 years ago
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8 0
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Read 2 more answers
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The correct answer is option c.

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The world price of a ton of steel is $650.  

During the autarky, the price of steel in Russia was $1,000.  

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This happens because at price $1,000 consumers will purchase from foreign producers. This will reduce the demand for domestic producers. This decrease in demand will shift the demand curve to the left such that the price falls to $650.

6 0
3 years ago
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