Why demand curve is more elastic
Why demand curve is more elastic under monopolistic competition as compare to monopoly.
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The elasticity of demand is high whenever the product has close substitutes and that elasticity of demand tends to low whenever the product does not encompass close substitutes as we know in monopolistic competition there is a large number of close substitutes whereas in monopoly there is no close substitutes therefore the demand curve beneath monopolistic competition is much more elastic than beneath monopoly.
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The substitution effect is negative since people react to a price raise by: (i) Reducing purchases of good. (ii) Generating more of good. (iii) Purchasing some substitute goods. (iv) Working less to sustain the existing purchasing patterns. Q : Victimization of Adverse Selection When When an heiress’s fiance plans to murder her soon subsequent to the wedding in order to inherit her estate, she has actually been victimized by: (1) Moral hazard. (2) Adverse selection. (3) Cognitive dissonance. (4) Irrational ignorance. Discover Q & A Leading Solution Library Avail More Than 1444111 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1949120 Asked 3,689 Active Tutors 1444111 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
When an heiress’s fiance plans to murder her soon subsequent to the wedding in order to inherit her estate, she has actually been victimized by: (1) Moral hazard. (2) Adverse selection. (3) Cognitive dissonance. (4) Irrational ignorance. Discover Q & A Leading Solution Library Avail More Than 1444111 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1949120 Asked 3,689 Active Tutors 1444111 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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