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What would result in a higher absolute value of the price elasticity of demand for a product?
A higher absolute value of the price elasticity of demand for a product can result from several factors, including the availability of close substitutes, the product's necessity versus luxury status, and the proportion of income spent on the product. If consumers can easily find alternatives, or if the product is a luxury item that can be foregone, they are more likely to respond strongly to price changes. Additionally, if the product takes up a significant portion of a consumer's budget, demand tends to be more elastic, leading to a higher absolute value of elasticity.
The government takes part in the united states economy to?
The government takes part in the united states economy to protect consumers action against violations of consumer rights.
How does Entrepreneurship work?
It's basically a title for someone that takes a new product and takes a chance at putting it into production, and see's how it turns out.
What is the definition of GDP and GNP?
A country's Gross Domestic Product, or GDP, is the amount of goods and services, measured at market prices, produced within the country during a particular time period (usually a year). Gross National Product, or GNP, is the amount of goods and services produced by residents of a country, regardless of where that production takes place.A country's Gross Domestic Product, or GDP, is the amount of goods and services, measured at market prices, produced within the country during a particular time period (usually a year). Gross National Product, or GNP, is the amount of goods and services produced by residents of a country, regardless of where that production takes place.Remember, GDP concern is BORDER, whereas GNP concern is PRODUCER.
What takes place when the buyer purchase more of a product when the prices drops and less?
When a buyer purchases more of a product as the price drops, this behavior is referred to as the "law of demand." It indicates that there is an inverse relationship between price and quantity demanded: as prices decrease, consumers are incentivized to buy more because the product becomes more affordable. Conversely, when prices rise, buyers tend to purchase less due to the higher cost, leading to a decrease in quantity demanded. This dynamic reflects consumer behavior in response to changes in market prices.
The path a product takes from producer or manufacturer to final user or consumer?
distribution channel
Consumer/Producer?
A consumer is a organism that takes energy from a producer which is something that makes its own food
When a consumer eats a producer it takes in what?
Stored chemical energy
Is a Pytoplankton a consumer?
No its a producer it takes in light and lets out oxygen.
The path that energy takes in an ecosystem as it flows from organism to organism is a?
consumer to producer
Is a fox a producer consumer or producer?
It is a consumer.
What is the role of a primary producer?
primary producer is the individual or buiness that takes raw materials and converts it into a usable good for consumer use.
Is ant a producer or consumer or decomposer?
I Believe that an ant is a consumer
What is the role of the primary producers?
primary producer is the individual or buiness that takes raw materials and converts it into a usable good for consumer use.
How is consumer safety connected with product liability?
The term product liability basically means that companies who make products available for to the public are responsible if they in any way harm or cause injuries. So, product liability takes into account the consumer safety of it's product.
What term term refers to the time it takes to turn a new idea into a product that satisfies consumer demand?
Time to market.
A consumer that takes another consumer for food?
1) Lion is a consumer who takes a deer (who is also a consumer) for food. All Omnivores take another consumer i.e. herbivores for food!
