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Question
You have a dog walking business and suddenly have 12 new customers. You decide to charge more than you previously did because of this increase. This change in demand has caused a change in what area and why?(1 point)
Responses
This change in demand for dog walkers has caused a change in credit because you have to borrow money for leashes.
This change in demand for dog walkers has caused a change in credit because you have to borrow money for leashes.
The change in demand for dog walkers has caused a change in price because demand outweighs supply.
The change in demand for dog walkers has caused a change in price because demand outweighs supply.
This change in demand for dog walkers has caused a change in service because you now walk more dogs.
This change in demand for dog walkers has caused a change in service because you now walk more dogs.
This change in demand for dog walkers has caused a change in labor because you have to hire your sister to help.
This change in demand for dog walkers has caused a change in labor because you have to hire your sister to help.
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1 answer
The most appropriate response to the scenario you described is:
The change in demand for dog walkers has caused a change in price because demand outweighs supply.
This response accurately reflects the economic principle that when demand increases (in this case, due to new customers), the price can also increase if the supply remains relatively fixed.
