Question 12 Which of the following characteristics will make the demand curve for a given market more ELASTIC? Group of answer choices The good in the market becomes more of a necessity. Vast improvements in technology allow the goods in the market to be sold at a much lower price that is now only a small portion of the typical consumer's income. Defining the market more broadly. Looking over a longer time period.

Question 12 Which of the following characteristics will make the demand curve for a given market more ELASTIC? Group of answer choices The good in the market becomes more of a necessity. Vast improvements in technology allow the goods in the market to be sold at a much lower price that is now only a small portion of the typical consumer's income. Defining the market more broadly. Looking over a longer time period.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 1DQ

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Question

Question 12

Which of the following characteristics will make the demand curve for a given market more ELASTIC?

Group of answer choices

The good in the market becomes more of a necessity.

Vast improvements in technology allow the goods in the market to be sold at a much lower price that is now only a small portion of the typical consumer's income.

Defining the market more broadly.

Looking over a longer time period.

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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