Homework Answers
Substitute good is the good which can be used instead of another good. That is similar utility can get from different goods which are a substitute for each other. for example tea and coffee are substitutes to each other. If the price of coffee is increased people will prefer to buy tea. that is the price of one good is increased, demand for the substitute goods will be increased.
Here X and Y are substitutes. When the price of X is increased, the demand for Y will be increased. Therefore the second option is correct.
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9. Good X and good Y are substitutes. Holding all other things constant, this means that...
When the price of good X falls and other things remain the same: 1. The quantity...
When the price of good X falls and other things remain the same: 1. The quantity of good X demanded increases, 2. The quantity of good Y demanded decreases, and 3. The quantity of good Z demanded increases Because a fall in the price of good X brings O A. a decrease in the quantity of good Y, good X and good Y are complements O B. a change in the quantity of both good Y and good Z, all...
All other things being equal, the __________ substitutes for a good, the __________ the price elasticity...
All other things being equal, the __________ substitutes for a good, the __________ the price elasticity of demand.
Suppose that goods X and Y are substitutes and the price of good Y falls. We...
Suppose that goods X and Y are substitutes and the price of good Y falls. We would then expect the quantity of good Y demanded to increase and the demand for good X to increase also. an increase in the demand for good X and a decrease in the quantity of good Y demanded. an increase in the demand for both good X and good Y. an increase in the quantity demanded of good Y and a decrease in the...
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer...
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. It is not possible to distinguish any relationship among the goods. Good X and Good Y Good Y and Good Z Good X and Good Z If the market for a product is broadly defined, then the expenditure on the good is likely to make up a large share of one's budget there are...
3) The law of demand includes the statement other things being equal." These other things include...
3) The law of demand includes the statement other things being equal." These other things include all of the following EXCEPT A) the price of related goods. B) incomes. tastes D) the price of the good itself. 3) John believes that when the price of a good increases people will purchase more of the good. This statement is A) consistent with the law of supply. B) consistent with the law of demand. referring to money prices. D) inconsistent with the...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the equilibrium price: increases and the equilibrium quantity decreases. increases and the equilibrium quantity increases, decreases and the equilibrium quantity decreases. decreases and the equilibrium quantity increases. stays the same and the equilibrium quantity increases. Question 20 0.1 pts If the price of a good increases, holding all else constant, o the demand for all of that good's substitutes will decrease. the quantity demanded for...
Could you please answer this question: Holding all other things constant, an increase in the company's...
Could you please answer this question: Holding all other things constant, an increase in the company's required return on investment (ROI) will affect: Select one: a. the selling price under the absorption costing approach to cost-plus pricing b. the profit-maximizing price. c. both the selling price under the absorption costing approach to cost-plus pricing and the profit-maximizing price. d. neither the selling price under the absorption costing approach to cost-plus pricing nor the profit-maximizing price.
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...
(d increase the quantity demanded of the other 9. lf two producls, A and B, are...
(d increase the quantity demanded of the other 9. lf two producls, A and B, are complements, then (a) an increase in the price of A will decrease the demand for B (b) an increase in the price of A will increase the demand for B (c) an increase in the price of A will have no 'significant effect on the price of B (d) a decrease in the price of A will decrease the demand for B 10. f...
Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for...
Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for X shifts to the right: the price of X goes up. all of the above.
Show transcribed image text Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for X shifts to the right: the price of X goes up. all of...
When the price of good X falls and other things remain the same: 1. The quantity of good X demanded increases, 2. The quantity of good Y demanded decreases, and 3. The quantity of good Z demanded increases Because a fall in the price of good X brings O A. a decrease in the quantity of good Y, good X and good Y are complements O B. a change in the quantity of both good Y and good Z, all...
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. It is not possible to distinguish any relationship among the goods. Good X and Good Y Good Y and Good Z Good X and Good Z If the market for a product is broadly defined, then the expenditure on the good is likely to make up a large share of one's budget there are...
3) The law of demand includes the statement other things being equal." These other things include all of the following EXCEPT A) the price of related goods. B) incomes. tastes D) the price of the good itself. 3) John believes that when the price of a good increases people will purchase more of the good. This statement is A) consistent with the law of supply. B) consistent with the law of demand. referring to money prices. D) inconsistent with the...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the equilibrium price: increases and the equilibrium quantity decreases. increases and the equilibrium quantity increases, decreases and the equilibrium quantity decreases. decreases and the equilibrium quantity increases. stays the same and the equilibrium quantity increases. Question 20 0.1 pts If the price of a good increases, holding all else constant, o the demand for all of that good's substitutes will decrease. the quantity demanded for...
(d increase the quantity demanded of the other 9. lf two producls, A and B, are complements, then (a) an increase in the price of A will decrease the demand for B (b) an increase in the price of A will increase the demand for B (c) an increase in the price of A will have no 'significant effect on the price of B (d) a decrease in the price of A will decrease the demand for B 10. f...
Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for X shifts to the right: the price of X goes up. all of the above.
Show transcribed image text Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for X shifts to the right: the price of X goes up. all of...
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