price elasticity demand product high quizlet Elastic demand Elasticity 1

What will cause the price elasticity of demand for a product to be high quizlet?

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What will cause the price elasticity of demand for a product to be high?

Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price.

When the value of price elasticity of demand is high the?

The higher the percentage of the consumer's income that the product's price represents, the higher the elasticity tends to be, as people will pay more attention when purchasing the good because of its cost; The income effect is substantial.

When demand is elastic an increase in price will cause quizlet?

demand. When demand is elastic, an increase in price will result in an increase in total revenue. When demand is elastic, a decrease in price will result in an increase in total revenue. When demand is inelastic, an increase in price will result in an increase in total revenue.

Which of the following is likely to have the highest price elasticity of demand?

Answer and Explanation: The correct answer is (c) Nike running shoes. The PED is higher because the number of available substitutes increases.

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