The existence of substitutes affects the price elasticity of demand by making it more elastic. Consumers have the option to choose alternative products instead of paying higher prices, leading to a larger change in the quantity demanded. The availability of substitutes influences how responsive consumers are to changes in price.
Explanation:The existence of substitutes affects the price elasticity of demand. When there are close substitutes available for a product, the demand becomes more elastic. This means that consumers have the option to choose an alternative product instead of paying a higher price. As a result, a small price change can lead to a larger change in the quantity demanded.
For example, if the price of brand A soda increases, consumers may choose to buy brand B soda instead, as they are close substitutes. This shift in demand from brand A to brand B shows the price elasticity of demand for soda. Therefore, the availability of substitutes influences how responsive consumers are to changes in price.
economic systems seek to answer what key economics questions? Select all that apply
a) how should goods and services be produced?
b)where goods and services will be produced?
c)when goods and services will be produced?
d)what goods and services will be produced?
e)who will consume goods and services?
Economic systems seek to answer how goods and services should be produced, what goods and services will be produced, and who will consume goods and services.
Explanation:Economic systems seek to answer the following key economic questions:
How should goods and services be produced? This refers to the choice of production methods and technology that will be used.What goods and services will be produced? This pertains to deciding what products and services will be produced to meet consumer demand.Who will consume goods and services? This encompasses determining the allocation of resources and distribution of goods and services among individuals and groups.Learn more about Economic Systems here:https://brainly.com/question/33726453
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When might you expect a manager to offer a gentle reminder about hand washing?
Answer:
The correct answer is "If you reach down to pet a service animal".
Explanation:
A manager may offer a gentle reminder about handwashing to a staff member in charge when that person approaches to pet a service animal. Personal hygiene is the responsibility of each individual, but if a person in charge is observed performing an act that involves poor hygiene, hand washing may be suggested.
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Broker jill has an agreement with seller alice that says jill will receive compensation if anyone except alice sells alice’s home. what kind of agreement is this?
Technician a says that a brake spoon is used to adjust brake shoes when the drum is installed. technician b says that a brake hold-down spring tool is used to remove and install hold-down springs. who is correct?
True or false within bureaucracies, positions are assigned specific responsibilities or given authority in a hierarchical arrangement.
In his liquidity preference framework, keynes assumed that money has a zero rate of return; thus, when interest rates ________ the expected return on money falls relative to the expected return on bonds, causing the demand for money to ________.