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Earn +20 ptsQ: Which is more elastic heiniken beer or beer and why?
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The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
Will the supply of a good be more elastic if the price of the good increases?
Yes, the supply of a good will be more elastic if the price of the good increases.
Which firm is more likely to have an elastic supply?
A firm making underwear will need a supply of elastic.
Is supply more elastic in the short run than in the long run?
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
Is a firm's demand for labor curve is more elastic in the short run than in the long run?
No. It's more elastic in the long run than the short run.
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