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harkovskaia [24]
3 years ago
11

Why do consumers sometimes take a while to respond to price changes? -Consumers cannot find acceptable substitutes immediately.

-Demand sometimes becomes less elastic over time. -Price changes do not affect consumers. -Consumers need time to decide whether the good is a luxury or a necessity.
Advanced Placement (AP)
2 answers:
AVprozaik [17]3 years ago
8 0
Someone already answered it and i need to answer an extra question so ye
Phantasy [73]3 years ago
7 0

Answer:

Consumers cannot find acceptable substitutes immediately

Explanation:

Consumers need time to find a substitute that meets all the needs/wants and is provided at a lower cost

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Answer: See explanation

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Marginal analysis are applied by the consumers when they make decisions and this simply means that when making a decision, they look at the marginal benefit and the marginal cost and then make a comparison.

In this scenario, rides will be allocated based on time costs that have been incurred as the individuals who have time and can wait longer or like a particular ride or those will wait till they have their preferred ride. On the other hand, the individuals who doesn't have much time will be willing to take another ride even if it's not what they really like.

This relates to demand and supply because increase in demand for a particular product will lead to lesser supply and will lead to few people getting what they want as there'll be scarcity or increase in the price for that product. In such cases, consumers may go to the substitute of that particular product.

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