Market prices are a)irrelevant to a rational choice b) an indication of how scarce items are c) all money prices divided by themselves d) only important to retailers

Q: how did we get price at $10?

A: As discussed earlier, the monopolist has complete and maximum market power. A Monopolist produces…

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: A loss of purchasing power due to a price increase and a decrease in the amount of one good…

A: Due to price increase, if the purchasing power of a consumer decreases, it is the income effect.

Q: When economists say the demand for a product has increased, they mean the demand curve has shifted…

A: Demand refers to the ability and choice of a consumer to buy a particular good.

Q: Which of the following choices is not a reason why consumers choose substitute goods and services…

A: The objective of the question is to identify which among the given options is not a reason for…

Q: GrubHub, a food delivery service, has recently expanded to your area. The accompanying table…

A: Demand is a consumer's desire and ability to purchase goods and services that they are willing to…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: Provide two reasons why were consumer good shortages in planned economies (such as the Soviet Union)…

A: Shortage is defined as having less supply of goods even when there is demand for it. Consumer goods…

Q: In 2001, the typical consumer in Volcania spent $3577 on all goods and services. They spent $1967.35…

A: Total expenditure done by consumer = $3,577 Expenditure on food = $1,967.35 Percentage of budget…

Q: The substitution effect implies that as the price of a substitute good, the demand for the original…

A: Substitute goods are those goods that are consumed in place of each other. For example, Pepsi and…

Q: To maximize total utility, consumers will always choose the marginal unit of the good that yields…

A: Utility maximisation implied the concept that individuals and firms seek to get the highest…

Q: Demand and Utility Table for Milkshakes Quantity Marginal Total Price Demanded Utility Utility $4 1…

A: The marginal utility can be defined as the change in utility of additional unit of a product. It can…

Q: You have just opened a new grocery store. Every item you carry is generic (generic beer, generic…

A: The new store will be carrying generic items, i.e, beer, bread, chicken etc. These products have…

Q: The utility of a good or service Multiple Choice O O O is synonymous with usefulness. is the…

A: Consumer theory is referred to the study of how an individual decides on spending their wealth on…

Q: How would the price equation apply to the purchase price of (a) gasoline, (b) an airline ticket, and…

A: Demand for any good is the quantity of that good that consumers are willing to buy at some given…

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: Answer in a paragraph- What are the various factors that affect your purchase process when you buy…

A: When purchasing shampoo, my decision-making process is a multifaceted one that considers various…

Q: Relationship between changes in price and  corresponding changes in quantity that consumers will…

A: Change in price will leads to change in demand.

Q: what does this mean in terms of the interrelationship of supply, price, and demand on two items of…

A: Demand refers to the different levels of quantity of a good that consumers are willing to purchase…