If the price of a substitute to good X increases, then A) the demand for good X will increase. B) the market price of good X will decrease. C) the demand for good X will decrease. D) the demand for good X will not change

Q: Consumers are told that the consumption of cauliflower will significantly reduce the risk of cancer.…

A: Introduction Consumption is the process of using up goods and services, such as food, energy, and…

Q: Choose a good or service you are familiar with.  It should be something that is currently available…

A: The good or service I will use for this example is organic lettuce. The most likely demand shifter…

Q: An increase in both the equilibrium price and quantity can be the result of A) None of these answers…

A:

Q: If the price of X decreases and this decreases the demand for Y, then

A: If the quantity demanded of a commodity decrease due to change in the price of another commodity is…

Q: This is the market for steer. Steer are processed into 1 hide and 1 beef. Initial Demand for hides:…

A: * SOLUTION :-

Q: Which of the following states the definition of supply? Group of answer choices There is a negative…

A: The law of supply is a fundamental economic concept that describes the total amount of a specific…

Q: How does the equilibrium price of a product vary if the demand for this product does not change and…

A: When there is an increase in production costs, it causes a leftward shift of the supply curve.

Q: Describe how equilibrium is found. Describe how a shift of the demand or supply curve  can effect…

A: Answer: Equilibrium is the point where the quantity demanded and quantity supplied of a good is…

Q: Question 9 An unexpected frost in the orange groves of Ohio would lead to an increase in the supply…

A: When an unexpected frost occurs in the orange groves, it damages or destroys a portion of the orange…

Q: In the market for personal computers, which of the following would cause a decrease in supply?…

A: Answer: (c) Businesses are required to pay a higher tax on the production of personal computers.

Q: If buyers expect the price of a good will be lower in the future, then? Group of answer choices…

A: The Equilibrium price is established where the demand and supply are equal.

Q: Draw the demand curve and the supply curve in the market for coffee beans. Label the curves D…

A: An individual’s willingness to pay for each unit of the quantity he or she wishes to consume is…

Q: 2) A decrease in production costs of good X led to higher equilibrium quantity and higher price of…

A: An increase in production cost leads to an increase in supply. An increase in supply, all other…

Q: Goods X and Y are substitute goods. If the demand for good X increases, the price of good X will and…

A: Detailed explanation: In economics, substitute goods are known to be those products that can be…

Q: If a price decrease leads to a decrease in consumer expenditure on the good, then demand must be…

A: The price elasticity is calculated as the percentage change in quantity demanded divided by the…

Q: For a particular good, 10% increase in price causes a 5% decrease in quantity demanded. Which of the…

A: Elasticity of demand measures theresponsiveness of quantity demanded with respect change in price.…

Q: Which of the following statements is true? a. The more substitutes there are for a good the more…

A:

Q: If the demand for airline traveling increases,   Group of answer choices   The demand for flight…

A: Demand refers to the number of people who are willing and able to acquire items at different prices…

Q: If a good is an "inferior good", then people feel inferior when they buy it people buy less of this…

A: Inferior goods refer to those goods which demand decreases due to rise in individual income and…

Q: If products A and B are substitutes, products B and C are complements and the markets for products A…

A: Substitute goods:The change in the price of one good causes the quantity demanded of the other to…

Q: f a decrease in price of good X decreases the demand for good Y, which of the following statements…

A: Market dynamics refers to the dynamic relationship between supply and demand, price changes, and…

Q: supply decreases, at the new equilibrium:  a) consumers will purchase less at a lower price.  b)…

A: According to economics, equilibrium is a case in which economic forces such as supply and demand are…

Q: If a supply curve shifts rightward, this means suppliers are willing and able to offer less of the…

A: The supply curve is a graphical representation that shows the relationship between the price of a…

Q: For a particular good, a 12 percent increase in price causes a 24 percent decrease in quantity…

A: Elasticity of demand measures the responsiveness of quantity demanded with respect change in price.…

Q: The government imposes a $2.50 per-unit tax on the consumption of good X. As a result the A) supply…

A: A tax on consumption will affect the consumers initially though the share of the tax burden will…

Q: The Federal Open Market Committee is O comprised of the presidents of the 12 Federal Reserve banks.…

A: The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System that determines…

Q: If the price of a good falls, then Multiple Choice O demand for that good will fall. demand for that…

A: Demand depicts the inverse relationship between price and quantity demanded, keeping other factors…

Q: Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium…

A: The price elasticity of supply refers to a metric that is used to evaluate the responsiveness of the…

Q: Tea and coffee are substitutes. If the price of coffee decreases, what happens in the market for…

A: Substitute goods are those goods that cannot be used together. For example coca cola and Pepsi. If…