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- In the health care market, Multiple Choice demand has increased relative to supply. supply has increased relative to demand. neither demand nor supply has changed significantly in the past two decades. the concepts of demand and supply are irrelevant.Assume that brand X is an inferior good and name brand Y is a normal good. An increase in consumer income, other things being equal, will cause a/an: upward movement along the demand curve for name brand Y. downward movement along the demand curve for brand X. rightward shift in the demand curve for brand X. leftward shift in the demand curve for brand X.Price P₂ P₁ Q₂ ↓ D Quantity
- When a company offers a new product or service, they estimate how much of that product or service people will want at different prices. This is referred to as the product or service demand. As the price of a product or service increases, the demand usually decreases, and this drives the price down. Companies use the estimated demand to determine how much of a product or service they are willing to supply at different prices. As the price of a product or service increases, companies are willing to supply more of it because they will earn more money. If you graph the demand and the supply curves on the same xy-plane, they will sometimes intersect at the point where the price and the supply are in equilibrium. Consider the scenario below. Yaseen is a local artist who wants to increase the amount of money she earns every month by selling at-home painting kits. These kits will include a photograph of the finished painting, a link and password to Yaseen’s YouTube channel where she will…Type the correct answer in the box. Spell all words correctly. Vivian conducted market research on her company’s products. She found that after the company raised the price of its product by $1.50, the demand in the uptown region remained the same with only minor fluctuations. However, she found that the demand in the downtown region dropped by 20 percent after the price change. How should Vivian take these demands into consideration? In a situation where demand differs in different areas, Vivian should consider the demand.Other than price, identify one market signal. Show how that market signal influences decision-making,
- If supply increases, then the Multiple Choice supply curve shifts to the left. equilibrium price goes down. equilibrium quantity goes down. demand curve shifts to the right.The amount of a good or service that buyers are willing and able to buy at a given price is called: Group of answer choices A)quantity demanded B)terms of trade C)purchasing power D)demandA buyer's willingness to pay for a good is the that good. It measures how much the the good. buyer maximum demand for, is willing to pay for price of, values maximum amount the buyer is willing to pay for, values minimum amount the buyer is willing to pay for, needs actual amount the buyer pays for, values
- An increase in the population of a country will cause the demand curve to shift outward and supply to increase. true or falseMultiple choice There is an increased consumer preference for tea. How will this impact the market for tea? Demand for tea will decrease. The quantity demanded of tea will increase. Demand for tea will increase. The quantity demanded of tea will decrease.Identify each factor influencing elasticity and give a specificexample of how it affects the degree of elasticity in a good orservice.