Business

Pamela Calderon

12 June, 19:45

Suppose there is a major technological advance in the production of a good that causes production costs to fall. If demand for the product is relatively inelastic, what will happen in the market? Price will relatively decrease greater than the increase in quantity. Price and quantity will change by the same amount. Price will relatively decrease less than the increase in quantity.

+3

Answers (1)

Know the Answer?

Not Sure About the Answer?

Get an answer to your question ✅ “Suppose there is a major technological advance in the production of a good that causes production costs to fall. If demand for the product ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.

Search for Other Answers

You Might be Interested in

The statement of cash flows A. must be prepared on a daily basis. B. summarizes the operating, financing, and investing activities of an entity. C. is a special section of the income statement. D. is another name for the income statement.

Which is not an example of effective usage and interpretation of verbal messages? a. responding with a courteous call to a rude message left on an answering machine or voice mail b. asking a group member for assistance with a project c.

Frances had a wonderful product, but her salesforce frequently argued over sales tactics and territories. Conflicts arose over issues unrelated to the business, such as lifestyles and work start times.

The balance sheet reports the A. financial position for a specific period. B. financial position on a specific date. C. results of operations for a specific period. D. results of operations on a specific date.

If the federal government regulates a product or service in a competitive market by setting a maximum price below the equilibrium price, what is the short-run effect?

New Questions in Business

Under SFAS 141R, a. both direct and indirect costs are to be expensed. b. both direct and indirect costs are to be capitalized. c. indirect costs are to be capitalized and direct costs are to be expensed. d.

The head of the marketing area told Alex to find the most stringent federal regulations on advertising to create the toughest standards. "If we can pass those, we should be able to get by all regulations." One real problem isA.

An aging of a company's accounts receivable indicates that the estimate of uncollectible receivables totals $7,900.

The following data for the telephone company pertain to the production of 450 rolls of telephone wire during June. Selected items are omitted because the costing records were lost in a windstorm.

Grant's personal residence was completely destroyed by fire. He was insured for 100% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income before considering the casualty item of $30,000.