Does the following scenario abide by the law of demand? Select the best answer. The price of laptops increased by $300.50, and the quantity demanded decreased by 100 . a) No, this does not abide by the law of demand. b)Yes, this abides by the law of demand.

Does the following scenario abide by the law of demand? Select the best answer. The price of laptops increased by $300.50, and the quantity demanded decreased by 100 . a) No, this does not abide by the law of demand. b)Yes, this abides by the law of demand.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Which of the following is not a factor that could cause a shift in the demand curve for a certain good? Group of answer choices an increase in the price of a complement a change in the price of that good a change in income an increase in popularity of the good
Please see below.
Imagine that the table shows the quantity demanded of UGG boots at five different prices in 2021 and in 2022. Which of the following variables could cause the demand for UGG boots to change as indicated from 2021 to 2022? (Check all that apply.) A. The expectation that UGG boots will fall in price. B. A decrease in the price of UGG boots. C. An increase in the number of buyers. D. A decrease in the price of a complementary good. A Price $160 170 180 190 200 Quantity Demanded 2021 8,000 7.500 7,000 6,500 6,000 Quantity Demanded 2022 9,000 8,500 8,000 7,500 7,000
This question provides another chance to practice implementing the 4-step approach to analyzing shifts in supply and demand. With the onset of the coronavirus pandemic, many people became fearful of going to restaurants for full-service, sit-down meals. C) As the demand decreased, the supply turned into a surplus. As the demand for restaurant meals has decreased, there is an excess of restaurant meals. D) Based on your answer to part c., will the equilibrium quantity of restaurant meals go up or will the equilibrium quantity of restaurant meals go down? Explain your answer. In particular, will your answer focus on quantity demanded or will it focus on the quantity supplied? E) Result: state the effects of the fear of eating in restaurants on the equilibrium price and quantity of restaurant meals
Which of the following must be true if good X is a normal good and income increases? Group of answer choices The demand for X will increase, and thus the price and quantity sold and bought willincrease. The demand for X will decrease, and thus the price and quantity sold and bought willdecrease. The demand for X will increase, and thus the price and quantity sold and bought willdecrease. The demand for X will decrease, and thus the price and quantity sold and bought willincrease.
Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $⁢3.50, and the equilibrium quantity is 31.0. When the price is $10.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.
Explain why each of the following statements is false: If beer and wine are substitutes, an increase in the price of beer will increase both the demand and supply of wine. An increase in the price of Pepsi would increase the quantity demanded of Coke but not the demand for Coke. An increase in income causes an increase in demand for all goods.