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Which of the following is most likely to reduce the price elasticity of demand for a product?

A. Increased passage of time since prices changed
B. Greater availability of substitutes
C. High costs to consumer of switching to a substitute product
D. Lower product differentiation

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Which THREE of the following are likely to mean that the supply of a product is price elastic?

A. There is a shortage of a raw material needed to make the product.
B. There are high levels of unemployment among workers with the skills required to make the product.
C. The firm making the product has spare capacity in its manufacturing process.
D. It is difficult for the firm to switch resources away from producing alternative products.
E. The firm has high inventory levels of the finished product.

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lf a firm increases its price, which TWO of the following is true, if price elasticity of demand is unitary?

A. Total costs will fall
B. Total profit will fall
C. The number of units sold will remain the same
D. Total revenue will stay the same.

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The demand for a good rises from 20,000 to 25,000 following a reduction in price from $20 to $18.What is the price elasticity of demand, using the average (midpoint) method? (Give your answer to 1 decimal place. Ignore a minus sign.) ____.

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A business currently sells 10,000 units of its product each month at a price of $10 per unit. The product's price elasticity of demand is –0.4. Calculate the impact on the firm's total revenue per month if the price of the product is increased to $11 per unit. (Use the simple point method for calculating price elasticity of demand. Give your answer to the nearest whole number.) (Increase/Decrease) of $ .

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Which of the following is most likely to reduce the price elasticity of demand for a product?

A. Increased passage of time since prices changed B. Greater availability of substitutes C. High costs to consumer of switching to a substitute product D. Lower product differentiation

Which THREE of the following are likely to mean that the supply of a product is price elastic?

lf a firm increases its price, which TWO of the following is true, if price elasticity of demand is unitary?

The demand for a good rises from 20,000 to 25,000 following a reduction in price from $20 to $18.What is the price elasticity of demand, using the average (midpoint) method? (Give your answer to 1 decimal place. Ignore a minus sign.) ____.

A. Increased passage of time since prices changed
B. Greater availability of substitutes
C. High costs to consumer of switching to a substitute product
D. Lower product differentiation