DisneyLegend2718 DisneyLegend2718

20-12-2022
Business

Answered

if the quantity of product x demanded decreases from 16,000 to 10,000 units (point g to f), then it suggests that the price of x was a) reduced and the demand is elastic. b) increased and the demand is elastic. c) reduced and the demand is inelastic. d) increased and the demand is inelastic.

Answer :

Tutorconsortium434 Tutorconsortium434

28-12-2022

According to the statement Increased and inelastic demand is the proper reaction (B).

What does economic demand mean?

Demand is just a key factor driving the market to buy products and services immediately and to pay the price associated with them. The quantity of goods that people are eager and willing to buy at different rates within a particular time frame is referred to as demand.

Briefing :

Demand for product X might well have reduced between 16,000 to 10,000 units as a result of an increase in price and an inelastic demand.

Demand that is less sensitive to economic change is known as inelastic demand.

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