If the quantity supplied of a product is less than the quantity demanded, then: A. There is a shortage of the product B. There is a surplus of the product C. The product is a normal good D. The product is an inferior good

Q: Inferior goods are those for which demand increases as   a. income decreases   Ob.income…

A: Answer: income decreases Inferior goods are those goods that have a negative relationship with the…

Q: PlayStation 3 and XBOX 360 are substitutes. If the price of PlayStation 3 increases what will happen…

A: Two goods are substitutes when one of them can be consumed in place of the other good.

Q: If peas and beans are substitute goods, an increase in the cost of production of peas will most…

A: The goods which can be used in place of each other for the satisfaction of a perticular want are…

Q: 1. If the price of tacos increase from $2 to $3 then a. demand will increase b. demand will decrease…

A: 1. If the price of tacos increases from $2 to $3 then Quantity demanded will decrease Therefore, the…

Q: An increase in the price of a good will: Group of answer choices A. increase demand B. increase…

A: The notion of demand is used in economics to determine the quantity of an item or service required…

Q: What is a "normal" good? Select one: O a. a good for which demand varies inversely with household…

A: In economics, on the basis of income, goods can be classified between normal goods and inferior…

Q: The price of chicken wings decreased. Which of the following is likely to happen:   A. The supply…

A: According to the law of supply, other things remaining same, when the price of goods or services…

Q: When consumers' incomes increased 10 percent, the quantity of milk bought increased 5 percent. This…

A: This concept quantifies the amount that a consumer will desire to purchase in response to changes in…

Q: 1. If the number of buyers in a market decreases, then: a. Demand will increase. b. Demand will…

A: The buyers and the demand rate hold a positive relationship. The number of potential buyers does…

Q: he total area ind the démand curve of a good, measures- A) Marginal utility B) Total utility C)…

A: According to the given question The main aim of the demand curve is to depict the relationship…

Q: According to ____________, when price decreases, demand rises, and when price increases, demand…

A: Demand is negatively sloped showing that Price and quantity demanded are inversely related.

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: The price elasticity of demand is a measure of the extent to which the quantity and all other…

A: Demand is the amount of a good that consumers are willing to purchase at a particular price. It is…

Q: If the quantity demanded of widgets drops by 10% in response to a 20% decrease in the price of…

A: The cross-price elasticity of demand measures the responsiveness of change in demand of a good to…

Q: 70. The various quantities of a good/service that buyer will take off fromthe mark et at alternative…

A: Explanation:- Demаnd  is  the  аmоunt  оf  а  gооd  thаt  соnsumers  аre  аble  аnd  willing  tо…

Q: Which of the following would NOT decrease the demand for steak? A. a fall in the price of chicken (a…

A: Demand curve shows an inverse relationship between price and quantity demanded. It slopes downward.

Q: A change in the price of a product will cause: Select one: a. a shift in the supply curve b. a…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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 demand for a good will be less price elastic, Select one: a. The larger is the percentage of…

A: Any change in market factors will directly or indirectly influence the buying decision of a consumer…

Q: An increase in demand means that: a. when the price falls, consumers are willing to purchase greater…

A: Demand curve shows inverse relationship between price and quantity demanded.

Q: Suppose there is an advance in the technology of tire production, in the market for tires     a.…

A: an advance in the technology of tire production, in the market for tires means that it becomes less…

Q: Suppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units. If the…

A: Price=$10 Quantity=60 units; Price=$4