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Economics Homework Three Answers - Student Ten (view source)
Revision as of 13:22, September 24, 2009
, 13:22, September 24, 2009no edit summary
When people's income goes up, they tend to buy more goods and services.
When people's income goes up, they tend to buy more goods and services.
'''3. A nearly perfectly elastic demand curve is nearly '''vertical''' in shape; a nearly perfectly inelastic demand curve is nearly '''horizontal''' in shape.'''
'''3. A nearly perfectly elastic demand curve is nearly ''vertical'' in shape; a nearly perfectly inelastic demand curve is nearly ''horizontal'' in shape.'''
'''4. Why is the name "necessity" given to a good that has a price elasticity of less than one, and the name "luxury" given to a good that has a price elasticity of more than one?
'''4. Why is the name "necessity" given to a good that has a price elasticity of less than one, and the name "luxury" given to a good that has a price elasticity of more than one?'''
'''
When the price elasticity is low, generally it is a good that people ''need''