Econ 201 final exam 2022 Studienführer, Klassennotizen & Zusammenfassungen

ECON 201 Final Exam 2022 impact on quantity demanded of an elastic good when price changes slightly - quantity demanded changes even more than price because of the availability of substitutes (ex: wheat, coke/pepsi) quantity demanded changes less than price because consumers need the product (ex: gas) - impact on quantity demanded of an inelastic good when price changes slightly potential for profit has what impact on competition? - creates more competition by drawing new firms toward t...

ECON 201 Final Exam 2022 impact on quantity demanded of an elastic good when price changes slightly - quantity demanded changes even more than price because of the availability of substitutes (ex: wheat, coke/pepsi) quantity demanded changes less than price because consumers need the product (ex: gas) - impact on quantity demanded of an inelastic good when price changes slightly potential for profit has what impact on competition? - creates more competition by drawing new firms toward the...