Question and answer
if the supply of a good is elastic, which statement is true? A) the producer will increase the amount being produced if the price rises B) the producer is enjoying increasing marginal returns c) the
producer will increase the amount being produced if the price falls D) the producer is experiencing diminishing marginal returns.
B and D is not related as marginal return deals with the incremental return. the answer is A as it will be more profitable to supply elastic at the higher price.
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Asked 6/16/2012 11:43:20 AM
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what happens when the price decreases in the case of a product that has elastic supply?
Weegy: The demand has decreased. (More)
Question
Expert Answered
Updated 6/16/2012 11:44:30 AM
1 Answer/Comment
There is a decrease in demand. So in order to attract more buyer the business has decreased the price. If there was more people buying the product then there would be an increase in demand. The business would take advantage of the increase of consumers by raising prices. However that is not the case here. This is a decrease in demand
Added 6/16/2012 11:44:30 AM
what is the level of output every firm strives for? User: what is the level of output every firm strives for? A)when fixed cost and marginal cost are equal. B)when variable cost and marginal cost rise at the same rate. C)when marginal revenue equals marginal cost. D)when marginal revenue is greater than marginal cost.
Weegy: profit maximizing level of output User: that wasnt a selection a,b,c,or d please Weegy: B User: cool! Weegy: MISTAKE C IS THE CORRECT OPTION User: why would the supply curve of a dog walking business be considered elastic? A)because it can hir workers quickly if the price rises. B) becasue the demand for dog walking services flucuates. C) because the supply of dogs changes quickly. D) because the supply of dog walking isnt ... (More)
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Expert Answered
Asked 6/16/2012 11:08:29 AM
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if sellers expect the price of a good to rise in the future, what are they likely to do? A) put more goods on the market immediately B) store goods now to sell more in the future C) raise their prices now D) set prices according to the law of demand
Weegy: Answer is B) if sellers expect the price of a good to rise in the future they store goods now to sell more in the future. (More)
Question
Expert Answered
Asked 6/16/2012 11:49:33 AM
0 Answers/Comments
a raise in the price of a product causes_ A) a decrease in competition B) an increase in demand C) an increase in competition D) a decrease in supply
Weegy: C) an increase in competition because if you are raising prices then consumers will begin looking elsewhere to buy the same product (More)
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Asked 6/16/2012 11:46:34 AM
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if sellers expect the price of a good to rise in the future, what are they likely to do? A) put more goods on the market immediately B) store goods now to sell more in the future C) raise their prices now D) set prices according to the law of demand
Weegy: it depends on whether the good is a durable or perishable. if the good can be spoiled if held on hand for a long time, then the seller has no choice but to sell the good according to the expiration date. [ however, if the good is durable, then they will sell in the future as it will be more profitable to sell at a higher price. ] (More)
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Expert Answered
Asked 6/16/2012 11:57:56 AM
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