ZuoTi.Pro
Question

If the price of a substitute to your product declined, the demand for your product would a. Increase b. Decrease c. Not be af

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer: Decrease

EXPLAINATION: A decrease in the price of a substitute good will cause a decrease in demand. As substitute goods are the goods,consumers will substitute for one another. When the price of one good rises, the demand for the other good increases, and vice versa.

Hope it helps!

0 0
Add a comment
Know the answer?
Add Answer to:
If the price of a substitute to your product declined, the demand for your product would...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • An increase in the price of a substitute good would cause:

     QUESTIN 5 An increase in the price of a substitute good would cause: An increase in the demand of our good and the price would increase An increase in the supply of our good and the price would increase A decrease in the demand of our good and the price will increase A decrease in the supply of our good and the price will fall QUESTIN 6 If there is a freeze in Florida that destroys half of the orange crop there, what effect would that have...

  • 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...

  • a demand function is affected by seven variables: Price (p), income (I), price of substitute goods...

    a demand function is affected by seven variables: Price (p), income (I), price of substitute goods (ps), price of complementary goods (pc), price expectations E(p), income expectations E(I), and personal tastes and preferences (T). Q d = f ( p , I , p s , p c , E ( p ) , E ( I ) , T ) Please show (in a diagram) and explain how an increase in these variables will change the equilibrium price and...

  • If the demand for a good is inelastic and the price of the good decreases, then...

    If the demand for a good is inelastic and the price of the good decreases, then a.total revenue increases. b.total revenue decreases. c.total revenue is not affected. d.the direction of the change in total revenue cannot be determined from the information given.

  • 10. An increase in the supply of housing accompanied by a decrease in the demand for...

    10. An increase in the supply of housing accompanied by a decrease in the demand for housing leads to: a. an unambiguous increase in both the equilibrium price and quantity of housing b. a decrease in the equilibrium quantity of housing but the change in equilibrium price cannot be determined from the information given C. an unambigious decrease in both the equilibrium price and quantity of housing d. a decrease in the equilibrium price of housing but the change in...

  • Price Elasticity of Demand: Naturally Good Organics Price Elasticity of Demand measurers how changed in a...

    Price Elasticity of Demand: Naturally Good Organics Price Elasticity of Demand measurers how changed in a price affect the quantity of the product demanded. Specifically, it is the ratio of the percentage change in quantity demanded to the percentage change in price. In order to understand how to plan a successful pricing program, marketers must understand how elastic or inelastic the consumers are to changes in price. In other words, to what extent will a price increase or decrease result...

  • Suppose that the elasticity of demand for a product is 0.5. What will happen to total...

    Suppose that the elasticity of demand for a product is 0.5. What will happen to total revenue as a firm increases the price? O A. Total revenue will increase. O B. Total revenue will stay the same O C. Total revenue will decrease. O D. It cannot be determined from the information provided.

  • if the price elasticity of demand is -0.5, decreasing price will a. increase revenue b. keep...

    if the price elasticity of demand is -0.5, decreasing price will a. increase revenue b. keep revenue the same c. decrease revenue d. cannot be determined without more information

  • 1) The law of demand indicates that as the price of a good decrease, the quantity...

    1) The law of demand indicates that as the price of a good decrease, the quantity A. Buyers desire increase B. Buyers desire decrease C. Producers offer to the market decreases D. Producers offer to the market increase 2) List all the factors of demand and explain 4. 3) Substitute good are ones in which an increase in the A. Price of one good leads to an increase in the demand for the other good B. Price of one good...

  • Which would cause an increase in the demand for product A? a. A decrease in the...

    Which would cause an increase in the demand for product A? a. A decrease in the number of suppliers of product B b. An increase in the cost of producing product A c. A decrease in the price of a complementary product B d. A decrease in the price of product A

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT