hat does it mean by when you say " market forces takes its own course". a. you temper supply or demand to achieve equilibrium b. you let buyers and sellers agree on price base on SP (suggested retail price) c. you let demand and supply floats to create a market condition d. you let demand and supply dictate the price In the computation of Price elasticity of Demand, when percentage change in Quantity and percentage change in Price is the same, it results to? a. unit elastic demand b. perfectly elastic demand c. relatively elastic demand d. perfectly inelatic demand Agricultural product are always classified as a. Capital goods as they are mostly used as raw materials b. Elastic Goods c. Economic Goods d. Inelastic goods
hat does it mean by when you say " market forces takes its own course". a. you temper supply or demand to achieve equilibrium b. you let buyers and sellers agree on price base on SP (suggested retail price) c. you let demand and supply floats to create a market condition d. you let demand and supply dictate the price In the computation of Price elasticity of Demand, when percentage change in Quantity and percentage change in Price is the same, it results to? a. unit elastic demand b. perfectly elastic demand c. relatively elastic demand d. perfectly inelatic demand Agricultural product are always classified as a. Capital goods as they are mostly used as raw materials b. Elastic Goods c. Economic Goods d. Inelastic goods
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
What does it mean by when you
say " market forces takes its own
course".
a. you temper supply or demand to
achieve equilibrium
b. you let buyers and sellers agree on
price base on SP (suggested retail
price)
c. you let demand and supply floats to
create a market condition
d. you let demand and supply dictate
the price
In the computation of Price
elasticity of Demand , when
percentage change in Quantity
and percentage change in Price is
the same, it results to?
a. unit elastic demand
b. perfectly elastic demand
c. relatively elastic demand
d. perfectly inelatic demand
Agricultural product are always
classified as
a. Capital goods as they are mostly
used as raw materials
b. Elastic Goods
c. Economic Goods
d. Inelastic goods
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education