Question and answer
Which of the following is an example of a good with inelastic demand? A. computers B. a particular brand of chewing gum. C. life-saving medicine D. television sets
Question
Asked 2/4/2016 6:52:52 AM
Updated 12 days ago|3/9/2019 9:31:01 AM
1 Answer/Comment
This answer has been confirmed as correct and helpful.
Confirmed by Janet17 [3/9/2019 9:31:00 AM], Janet17 [3/9/2019 9:31:01 AM]
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Original conversation
User: Which of the following is an example of a good with inelastic demand? A. computers B. a particular brand of chewing gum. C. life-saving medicine D. television sets

Weegy: Life-saving medicine is an example of a good with inelastic demand.



User: Which of the following describes the substitution effect? A. As demand rises, people will substitute other products. B. As the price of a good falls, people will substitute other products. C. As the price of a good rises, people will substitute other products. D. As demand falls, people will substitute other products

Question
Asked 2/4/2016 6:52:52 AM
Updated 12 days ago|3/9/2019 9:31:01 AM
1 Answer/Comment
This answer has been confirmed as correct and helpful.
Confirmed by Janet17 [3/9/2019 9:31:00 AM], Janet17 [3/9/2019 9:31:01 AM]
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As the price of a good rises, people will substitute other products. -describes the substitution effect.
Added 12 days ago|3/9/2019 9:30:56 AM
This answer has been confirmed as correct and helpful.
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Questions asked by the same visitor
For most goods, a rise in people’s income means that there will be A. a rise in prices B. a substitution effect. C. an increase in demand. D. a decrease in demand.
Question
Not Answered
Updated 2/4/2016 8:20:08 AM
1 Answer/Comment
For most goods, a rise in people's income means that there will be an increase in demand.
Added 2/4/2016 8:20:08 AM
This answer has been confirmed as correct and helpful.
The desire, ability, and willingness to buy a product or service is called A. an incentive. B. demand. C. want. D. supply.
Question
Not Answered
Updated 2/4/2016 7:15:14 AM
1 Answer/Comment
The desire, ability, and willingness to buy a product or service is called demand.
Added 2/4/2016 7:15:14 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [2/4/2016 7:27:41 AM]
A demand curve illustrates A. the quantities demanded at each price by consumers. B. the differences in demand for different products. C. the differences in prices charged by different stores. D. ...
Question
Not Answered
Updated 2/4/2016 8:17:51 AM
1 Answer/Comment
A demand curve illustrates the quantities demanded at each price by consumers.
Added 2/4/2016 8:17:51 AM
This answer has been confirmed as correct and helpful.
A demand schedule is best described as __________. A. a graph. B. data. C. a time line. D. an incentive. User: When the price of something increases, the quantity demanded A. increases. B. decreases. C. reverses. D. remains unchanged.
Question
Updated 3/12/2018 1:38:25 PM
2 Answers/Comments
A demand schedule is best described as a graph.
Added 3/12/2018 1:36:12 PM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [3/12/2018 2:34:46 PM]
When the price of something increases, the quantity demanded decreases.
Added 3/12/2018 1:38:25 PM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [3/12/2018 2:34:53 PM]
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