Homework Answers
Answer 3
The law of demand is the change in demand with respect to the change in price of good. Hence price of good cannot be equal. Hence option d is correct.
Answer 4
Law of demand says that when price of good increases demand falls. Hence the statement is inconsistent with the law of demand. Hence option d is correct
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3) The law of demand includes the statement other things being equal." These other things include...
26. The law of demand states that, other things equal, an increase in
26. The law of demand states that, other things equal, an increase in a. price causes quantity demanded to increase. b. price causes quantity demanded to decrease. c. quantity demanded causes price to increase. d. quantity demanded causes price to decrease. 27. Refer to Figure 4. Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for DVDs in the United States? a. a decrease in the price of DVDs b. a decrease in the price of DVD...
24) An increase in the demand for bananas will NOT be caused by: A) a rise...
24) An increase in the demand for bananas will NOT be caused by: A) a rise in the price of apples. B) news that bananas help relieve stress in people buyers switching to a more healthy diet. D) a drop in the market price of bananas. 25) 26) If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: 26) A) a good for which the law of demand does not apply...
The difference between an “inferior” good and a “normal” good in Economics is: a. The demand...
The difference between an “inferior” good and a “normal” good in Economics is: a. The demand for a normal good decreases as the price increases, which is not the case for an inferior good b. The demand for a normal good increases as the price increases, which is not the case for an inferior good c. The demand for a normal good decreases as household income increases, which is not the case for an inferior good d. The demand for...
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b. decrease c.will not affect it d. cannot be determined According to the law of demand, if the price of a good decreases, its Qd? a. decreases b. increases c. goes to zero d. stays constant According to the income effect, price changes equal changes in? a. money income b.real income c.demand d. utility on the demand curve a chance in price leads a. no...
ID: 19. Which of the following will cause a movement upward along a supply curve a....
ID: 19. Which of the following will cause a movement upward along a supply curve a. Increases in raw material costs. b. Increases in the market price of a good, other things being equal c. Increases in the cost of machinery. d. Increases in labor costs. 20. Demand for a good will always rise when: a. the price of a substitute good falls. b. the price of a complementary good falls e. incomes decrease. d. tastes change. e. the price...
A normal good is which of the following? A good in which the change in price...
A normal good is which of the following? A good in which the change in price is proportionately related to a change in demand. A good in which a change in income is inversely related to the change in demand. A good in which a change in price is inversely related to a change in demand. A good in which the change in income is proportionately related to a change in demand for that good. Two goods are said to...
Assume the demand curve for product X shifts to the right. This might be caused by...
Assume the demand curve for product X shifts to the right. This might be caused by :Select one .a. a change in consumer tastes that is unfavorable to X D b. an increase in the price of Y if X and Y are complementary goods .c. a decline in income if X is an inferior good .d. a decline in the price of Z if X and Z are substitute goods A decrease in the price of digital cameras will...
7 points. hich of the following will nof cause the demand for product K to cha...
7 points. hich of the following will nof cause the demand for product K to cha A, a change in B. an increase in consumer incomes C, a change in the price of K the price ofclose-substitute product J a change in consumer tastes 2. The law of demand is illustrated by a demand curve that is: A. Vertical B. Horizontal C. Upward sloping Downward sloping 3. An inferior good is one: A. That doesn't work B. That costs too...
Question 1 Other things remain unchanged, the market demand curve for a particular...
Question 1 Other things remain unchanged, the market demand curve for a particular expected to shift leftwards when the price of that product declines. . True False Question 2 Other things remain equal, which of the following factors causes the market supply curve of Blue-ray players to shift leftwards? The costs of producing a single Blue-ray player increases. The number of firms selling Blue-ray players increases. The sellers are expecting the price of Blue-ray players to decline in the soon future. Non of the above factors causes the...
Qustion: what are definitions for a normal and inferior good? Give for each (an) example(s). Is...
Qustion: what are definitions for a normal and inferior good? Give for each (an) example(s). Is answer correct? Normal good: A good for which an increase in income leads to an increase in demand, for example of normal goods such as apples, jeans, cars goods you can afford when your income goes up. Iinferior good: A good for which, other things equal, an increase in income leads to a decrease in demand, for example, ramen noodles, fast-food, public transportation… what...
24) An increase in the demand for bananas will NOT be caused by: A) a rise in the price of apples. B) news that bananas help relieve stress in people buyers switching to a more healthy diet. D) a drop in the market price of bananas. 25) 26) If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: 26) A) a good for which the law of demand does not apply...
ID: 19. Which of the following will cause a movement upward along a supply curve a. Increases in raw material costs. b. Increases in the market price of a good, other things being equal c. Increases in the cost of machinery. d. Increases in labor costs. 20. Demand for a good will always rise when: a. the price of a substitute good falls. b. the price of a complementary good falls e. incomes decrease. d. tastes change. e. the price...
A normal good is which of the following? A good in which the change in price is proportionately related to a change in demand. A good in which a change in income is inversely related to the change in demand. A good in which a change in price is inversely related to a change in demand. A good in which the change in income is proportionately related to a change in demand for that good. Two goods are said to...
Assume the demand curve for product X shifts to the right. This might be caused by :Select one .a. a change in consumer tastes that is unfavorable to X D b. an increase in the price of Y if X and Y are complementary goods .c. a decline in income if X is an inferior good .d. a decline in the price of Z if X and Z are substitute goods A decrease in the price of digital cameras will...
7 points. hich of the following will nof cause the demand for product K to cha A, a change in B. an increase in consumer incomes C, a change in the price of K the price ofclose-substitute product J a change in consumer tastes 2. The law of demand is illustrated by a demand curve that is: A. Vertical B. Horizontal C. Upward sloping Downward sloping 3. An inferior good is one: A. That doesn't work B. That costs too...
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