When a good has few close substitutes readily available:Elasticity cannot be measured.Price tends to remain the same, regardless of quantity demanded.Quantity demanded is not nearly as responsive to a change in price.Proportional changes in quantity demanded tend to be greater than proportional changes in price. The slope of a demand curve is:The best way of measuring the responsiveness in quantity demanded to changes in price.O A negative value, while demand elasticity is always a positive value.A measure of the proportional change in quantity demanded, given a proportional change in price.O A poor measure of responsiveness compared to elasticity.O quivalent to elasticity as a measure of responsiveness.

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When a good has few close substitutes readily available: Elasticity cannot be measured. Price tends to remain the same, regardless of quantity demanded. Quantity demanded is not nearly as responsive to a change in price. Proportional changes in quantity demanded tend to be greater than proportional changes in price.

When a good has few close substitutes readily available: Elasticity cannot be measured. Price tends to remain the same, regardless of quantity demanded. Quantity demanded is not nearly as responsive to a change in price. Proportional changes in quantity demanded tend to be greater than proportional changes in price.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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