Which of the following statements is true? a) If the PED for a product is less than zero, the demand for the product is said to be inelastic b) If the PED for a product is greater than zero, the demand for the product is said to be elastic c) The flatter the demand curve the more inelastic the demand for the product d) If the product is a necessity, then the demand tends to be more inelastic The Consumer Surplus is a) the difference between what a consumer wishes to buy and what he can afford to buy b) the difference between what the consumer plans to buy and what he actually buys c) the difference between what the consumers is willing to pay for a product and what he pays d) the difference between what the consumer is able to pay and what he actually pays
Which of the following statements is true?
a) If the
b) If the PED for a product is greater than zero, the demand for the product is said to be elastic
c) The flatter the demand curve the more
d) If the product is a necessity, then the demand tends to be more inelastic
The
a) the difference between what a consumer wishes to buy and what he can afford to buy
b) the difference between what the consumer plans to buy and what he actually buys
c) the difference between what the consumers is willing to pay for a product and what he pays
d) the difference between what the consumer is able to pay and what he actually pays
Step by step
Solved in 3 steps
