How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 37822
Experience:  Retired (mostly)
Type Your Business Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

suppose that consumers expect that the price of orange juice

Resolved Question:

suppose that consumers expect that the price of orange juice will rise next month. We would predict thatthe equilibuium quantity of orange juice will _____ and the equilibrium price of orannge juice will l____this month.

as coffee priices go up just a little bit, if quantity demanded drop by a large amount, my queston is the supply and demand price elastic or price inelastic?
Submitted: 7 years ago.
Category: Business Law
Expert:  socrateaser replied 7 years ago.





If coffee prices rise only marginally, and demand falls precipitously, the price of coffee is elastic, because the market is unwilling to pay a different price for coffee.

socrateaser and 4 other Business Law Specialists are ready to help you

Related Business Law Questions