20. In what condition below shows that demand is elasticDemand curve has a steep slopeThe case of necessity goodsO The case of luxury goodsIn a short period of time21. What kinds of good tend to have highly inelasticity of demandOfuel (i.e., oil/gas)agricultural products in world marketLuis viton brand name handbagalternative power energy 18. The price elasticity of demand (or of supply) is elasticity when:elasticity is less than 1elasticity is more than 1elasticity is perfectly inelasticelasticity is equal to 119. What can determine elasticity of demand?availability of close substitute productstime horizonnecessity goods or luxury goodsall are correct

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Answered: 20. In what condition below shows that…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...

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Transcribed Image Text:20. In what condition below shows that demand is elastic Demand curve has a steep slope The case of necessity goods O The case of luxury goods In a short period of time 21. What kinds of good tend to have highly inelasticity of demand Ofuel (i.e., oil/gas) agricultural products in world market Luis viton brand name handbag alternative power energy

18. The price elasticity of demand (or of supply) is elasticity when:
elasticity is less than 1
elasticity is more than 1
elasticity is perfectly inelastic
elasticity is equal to 1
19. What can determine elasticity of demand?
availability of close substitute products
time horizon
necessity goods or luxury goods
all are correct

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