When the price of a good rises, what happens to the quantity demanded, all else being equal? A) It rises B) It falls C) It remains unchanged D) It fluctuates randomly
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- The law of demand states that as product’s price increases, its quantity demanded decreases, assuming other factors remain constant or ‘ceteris paribus’. Why is it necessary to assume that other factors remain constant?A consumer buys two goods X and Y. Suppose price of Good X falls. What will be its effect on its demand? Give two reasonsWhich of the following influences people's buying plans and varies moving along a demand curve?A) preferences .B) the price of the good C) income D) the prices of related goods
- If the quantity demanded of good X decreases, then: *What is the "quantity demanded"? A) the maximum amount of a good that can be consumed during a specific time period B) the amount of a good people are able and willing to buy during a specific time period and at a given price C) the amount of a good people desire D) the amount of a good people are able and willing to buy at all possible pricesThe law of demand implies that, other things remaining the same, A) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded increases. B) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded decreases. C) as income increases, the quantity of cheeseburgers demanded increases. D) as the demand for cheeseburgers increases, the price of a cheeseburger falls. E) as more people demand cheeseburgers, the quantity demanded increases.
- The law of demand implies that, other things remaining the same,A) as the demand for cheeseburgers increases, the price of a cheeseburger will fall.B) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded will decrease.C) as income increases, the quantity of cheeseburgers demanded will increase.D) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded will increase.What happens to consumption of a normal good when its price increases?Two goods are substitutes if a decrease in the price of one good. This will lead to: Select one: a. reduces the quantity demanded of the other good b. increases the demand for the other good. c. increases the quantity demanded of the other good d. reduces the demand for the other good
- What is one consumer food or service for which in the last 10 to 15 years consumers preference has actually increased, and still, the price has decreased. Based on all the supply and demand determinants, what is a possible reason that could cause the decrease in the price of the suggested good.Give typing answer with explanation and conclusionThe law of demand is an inverse relationship between the price and quantity demanded. Explain how the law of demand related to a recent two purchases that you had to make.
