Because consumers purchase either Coke or Pepsi, economists call these “inferior” goods.   Select one: True False

Q: coke and pepsi are substitute goods. if the price of coke skyrockets, then the demand for pepsi…

A: Two goods are said to be substitute goods when one good can be used in place of other. Price and…

Q: Considering peanut butter and jelly as compliment goods, if demand of peanut butter decreases…

A: A good that is being used to add value to another good or could not be used without each other is…

Q: Which of the following statement is correct about the Law of Demand? Group of answer choices When…

A: Demand refers to quantity what a consumer is willing to buy. Quantity demanded refers to the…

Q: Supply Demand Supply Demand QUANTITY (Boxes) Now suppose Congress passes a new tax that decreases…

A: Imposition of taxes reduced the real income that is purchasing power of individuals.

Q: Give an example for substitutes, and give another example for complements. No need to explain. Do…

A: Goods which satisfy same type of wants and can be used in place of one another are called…

Q: suppose the price of an item icreases by 10% that the quanity supplied of that same item  decreases…

A: Given information, Change in price: 10% Change in quantity supplied: 2% To find: relationship…

Q: The law of demand says that all else being equal, as the price rises, the quantity demanded will…

A: Explanation:- Аll  demаnd  сurves  shаre  the  fundаmentаl  similаrity  thаt  they  slорe  dоwn…

Q: An increase in the price of Elidor shampoos (a substitute) will shift the demand curve of…

A: When analyzing the market for a specific product, one can see the relation of that specific product…

Q: True of false ( explain the why) Percentage an increase in the price of good Y is 40% causes a…

A: In an economy, products are related to each other as the change in the price of one commodity will…

Q: If the quantity demanded of good X decreases, then: *

A: A consumer's desire to buy products and services, as well as their willingness to pay a price for…

Q: Give one reason for decrease in supply of a good

A: Decrease in supply depicts change in "supply" and not quantity supplied. The decrease in supply is…

Q: buys 80 units of the good at a price of 20 per unit. How many units will the consumer buy when price…

A:

Q: Consider the market for lattes. If consumers view cappuccinos and lattes as substitutes, what would…

A: Given cappuccinos and latte as substitutes. Therefore as the price of cappuccinos decreases, the…

Q: Suppose goods A and B are substitutes. If the price of good A increases, will the demand for good B…

A: Substitute goods are those goods that can be consumed by an individual in place of each other by the…

Q: Agree or disagree, the price of coffe rices,causing the demand for sugar to decrease. Therefore, the…

A: The market demand for a commodity shifts as a result of a change in consumers income, their tastes,…

Q: What do you think should be done in a situation when the price for an essential product (name the…

A: Essential goods or goods of necessities are the type of goods where the elastic demand is highly…

Q: Peanut butter and jam can be either substitutes or it can be compliments. Caitlin likes peanut…

A: The relationship between these items is identified using the cross elasticity of demand. When two…

Q: What is one consumer food or service for which in the last 10 to 15 years consumers preference has…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: If a good is inferior, a rise in its price will cause people to buy more of it, thus violating the…

A: When people's incomes rise, demand for lesser goods falls. As earnings and the economy improve,…

Q: Q10. A 20 percent fall in price leads to 80 percent rise in the demand for a good. A consumer buys…

A:

Q: Cinnamon Toast Crunch cereal and Trix cereal are considered substitute goods. Because of this, one…

A: "Substitute goods are those goods which are similar commodities which can be used for the same…

Q: All goods, normal or inferior, satisfy the Law of Demand. Justify and explain.

A: The demand and supply model is used to determine the equilibrium price of a good. The market forces…

Q: Don't use Ai True or False: The law of demand states that, all else being equal, as the price of a…

A: The demand for a good or service refers to the quantity of the good or service that is demanded by…

Q: If individuals were spending more time at home and expected the price of Charmin toilet paper to…

A: When the expected price of toilet paper would increase, people would tend to demand more of toilet…

Q: Suppose the technology to manufacture computers improves but due to some recession in the economy,…

A: If manufacturing technology of normal goods(Computer) improves, the level of production also…

Q: When does a consumer buy more quantity of a commodity at a given price? give three points.

A: # The law of demand states that demand and price move in opposite direction. There is an inverse…

Q: Suppose a decrease in consumer's income causes a decrease in the demand for sausage and an increase…

A: A change in income affects the choice of the consumer. When the purchase of a good does not decrease…

Q: Which of the following must be true if good X is a normal good and income increases? Group of…

A: A normal good is a good whose demand increases with the increase in the consumer's income keeping…

Q: True or False: As the price of apples rises, the demand for apples falls, ceteris paribus.

A: According to the law of demand, there is a negative relationship between the price level of a…