If consumers start to believe they need a product, what is likely to happe A. The demand becomes less elastic. B. The demand becomes more elastic. C. The supply decreases. D. The price decreases.

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05-10-2020
Business

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If consumers start to believe they need a product, what is likely to happe A. The demand becomes less elastic. B. The demand becomes more elastic. C. The supply decreases. D. The price decreases.

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ewomazinoade ewomazinoade · Answer 1 · 2022-02-09T12:14:26+01:00

If consumers start to believe they need a product, it is likely that the demand for the good becomes less elasticity.

What is price elasticity of demand?

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

When consumers consider a good to be a necessity, the elasticity of demand becomes less elastic. The more elastic demand is, the more sensitive quantity demanded is to price changes. The less elastic demand is, the less sensitive quantity demanded is to price changes.

To learn more about price elasticity of demand, please check: https://brainly.com/question/18850846

If consumers start to believe they need a product, what is likely to happe A. The demand becomes less elastic. B. The demand becomes more elastic. C. The supply decreases. D. The price decreases.​

Respuesta :

What is price elasticity of demand?

Otras preguntas

If consumers start to believe they need a product, what is likely to happe A. The demand becomes less elastic. B. The demand becomes more elastic. C. The supply decreases. D. The price decreases.