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Despite fluctuations in price the demand for milk stays at about the same level. Which term is used to describe this situation?
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What else can I help you with?
Describe the farmers situation in the 1920s?
Demand for crops fell as farmers' debts rose.
If a good increase in price and demand drops is the demand inelastic or elastic?
If a good experiences a price increase and a significant drop in demand, it indicates that the demand for that good is elastic. Inelastic demand would typically show little change in quantity demanded despite price fluctuations. Elastic demand means consumers are sensitive to price changes, leading to a considerable reduction in demand when prices rise.
What describe a situation in which consumers have elastic demand?
Ppl give up eating pasta and breadbc they want to lose weight - apex :)
When is the price elasticity of supply zero?
The price elasticity of supply is zero when the quantity supplied does not change in response to a change in price. This situation occurs in the case of perfectly inelastic supply, where producers are unable to alter their output regardless of price fluctuations. An example is a unique natural resource or a limited-edition artwork, where supply remains constant despite changes in demand or price.
What is the difference between inferior and giffen goods?
=giffen goods are mostly maent for show off while inferoir gods are maent for convinience=demand for giffen goods goes up when their prices go up while demand for inferior goods remains constant despite price fluctuations
What are examples of products with elastic and inelastic demand?
Products with elastic demand include luxury items like designer clothing or high-end electronics, where a price increase can significantly reduce quantity demanded. In contrast, inelastic demand is characteristic of essential goods such as medications or basic food items, where consumers will continue to purchase relatively unchanged despite price fluctuations.
What factors contribute to the fluctuations in the high demand low supply graph?
Fluctuations in the high demand low supply graph are influenced by factors such as changes in consumer preferences, shifts in production costs, disruptions in supply chains, government regulations, and external events like natural disasters or economic crises. These factors can cause the supply and demand balance to shift, leading to fluctuations in the graph.
Inelastic demand curve?
Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.
What effects supply and demand?
Fluctuations in the price of goods. The affect of demand on price is directly proportional and supply's affect on price is indirectly proportional.
What is horizontal demand?
Horizontal demand refers to a situation in which the demand for a product or service remains constant across various price levels within a specific market. This typically occurs in perfectly competitive markets where consumers perceive products as similar, leading to a flat demand curve. Changes in price do not significantly affect the quantity demanded, as consumers are willing to purchase the same amount regardless of minor price fluctuations.
What type of buffers work best when managing fluctuations in demand for a product or service?
Supply chain buffers, such as inventory buffers and capacity buffers, work best when managing fluctuations in demand for a product or service. These buffers help to absorb variability and ensure that the supply chain can meet changing demand levels efficiently.
What is the demand expansion?
Demand Expansion refers to the situation where, the demand for a particular product is increasing across geographical boundaries.
