ECONOMICS
ELASTICITY OF DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In a particular year, 12000 units of a good are sold at $1 per unit. In a later year, 14000 units are sold at $1.20 per unit.If consumer tastes have remained constant, what could account for the change between the two years?
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a decrease in the price of raw materials used by producers
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an increase in the price of a substitute good
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an increase in the rate of tax imposed on producers
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the formation of a monopoly in the production of the good
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Explanation:
There is 1 question to complete.