The law of demand states that as the price of a particular good or service increases, quantity demanded decreases.
The law of demand states that as the price of a particular good or service increases, _____.(1 point)
Responses
quantity demanded decreases
quantity demanded decreases
quantity demanded increases
quantity demanded increases
demand increases
demand increases
demand decreases
9 answers
As the price of a good increases, all else being equal, consumers will likely purchase _____.(1 point)
Responses
more of the good because substitutes have become relatively less expensive
more of the good because substitutes have become relatively less expensive
less of the good because substitutes have become relatively more expensive
less of the good because substitutes have become relatively more expensive
less of the good because substitutes have become relatively less expensive
less of the good because substitutes have become relatively less expensive
more of the good because substitutes have become relatively more expensive
Responses
more of the good because substitutes have become relatively less expensive
more of the good because substitutes have become relatively less expensive
less of the good because substitutes have become relatively more expensive
less of the good because substitutes have become relatively more expensive
less of the good because substitutes have become relatively less expensive
less of the good because substitutes have become relatively less expensive
more of the good because substitutes have become relatively more expensive
As the price of a good increases, all else being equal, consumers will likely purchase less of the good because substitutes have become relatively more expensive.
Which of the following is not a determinant of demand?(1 point)
Responses
consumer incomes
consumer incomes
prices of related goods
prices of related goods
consumer preferences
consumer preferences
cost of production
Responses
consumer incomes
consumer incomes
prices of related goods
prices of related goods
consumer preferences
consumer preferences
cost of production
The option that is not a determinant of demand is cost of production.
Determinants of demand typically include factors such as consumer incomes, prices of related goods, and consumer preferences. Cost of production, on the other hand, mainly affects the supply side of the market.
Sunscreen and beach towels are complementary goods. If the price of sunscreen increases, ceteris paribus, _____.(1 point)
Responses
the quantity demanded of beach towels will decrease for every possible price
the quantity demanded of beach towels will decrease for every possible price
the income of consumers will increase
the income of consumers will increase
the quantity demanded of beach towels will increase for every possible price
the quantity demanded of beach towels will increase for every possible price
the income of consumers will decrease
Responses
the quantity demanded of beach towels will decrease for every possible price
the quantity demanded of beach towels will decrease for every possible price
the income of consumers will increase
the income of consumers will increase
the quantity demanded of beach towels will increase for every possible price
the quantity demanded of beach towels will increase for every possible price
the income of consumers will decrease
If the price of sunscreen increases, ceteris paribus, the quantity demanded of beach towels will decrease for every possible price.
This is because sunscreen and beach towels are complementary goods, meaning that if the price of one increases, the demand for the other tends to decrease.
Teenagers frequently purchase similar shoes from one of two major competing shoe manufacturers. If the price of one manufacturer's shoes increases dramatically, teenagers are likely to purchase _____.(1 point)
Responses
more shoes from the competing manufacturer at any given price, as the two brands are substitutes
more shoes from the competing manufacturer at any given price, as the two brands are substitutes
fewer shoes from the competing manufacturer at any given price, as the two brands are complements
fewer shoes from the competing manufacturer at any given price, as the two brands are complements
more shoes from the competing manufacturer at any given price, as the two brands are complements
more shoes from the competing manufacturer at any given price, as the two brands are complements
fewer shoes from the competing manufacturer at any given price, as the two brands are substitutes
Responses
more shoes from the competing manufacturer at any given price, as the two brands are substitutes
more shoes from the competing manufacturer at any given price, as the two brands are substitutes
fewer shoes from the competing manufacturer at any given price, as the two brands are complements
fewer shoes from the competing manufacturer at any given price, as the two brands are complements
more shoes from the competing manufacturer at any given price, as the two brands are complements
more shoes from the competing manufacturer at any given price, as the two brands are complements
fewer shoes from the competing manufacturer at any given price, as the two brands are substitutes
If the price of one manufacturer's shoes increases dramatically, teenagers are likely to purchase more shoes from the competing manufacturer at any given price, as the two brands are substitutes.
When the price of one substitute increases, consumers tend to shift their purchases to the other, less expensive substitute.
1 answer