Assume that the price of product X rises by 13 percent and the quantity supplied of X rises by 15 percent the supply for good X is

Q: What impact on the market for beef will result from a decreases in the price of corn?     There…

A: Market equilibrium is attained when the demand and supply forces intersect each other. Shifts in…

Q: X is an inferior good.  If there is an increase in incomes, then…

A: Inferior goods are the goods whose demand decreases when income rises or the demand increases when…

Q: Assume that trucks are an input into the production of new homes. In the market for new homes, what…

A: Here trucks are input in the production of new homes. When the cost of production decreases due to…

Q: If we have two substitute goods, then a decrease in the price of one will lead to increase in the…

A: In a market, two goods can be related to each other in terms of their demand, such that a change in…

Q: Which of the following would shift the supply curve for a commodity to the RIGHT?  a. An increase in…

A: The supply curve is an upward sloping curve which represents the association between the price of a…

Q: Which of the following is consistent with the law of demand?       A. A decrease in the price of…

A: In general, people buy more  of goods and services when price is low and when price is high then…

Q: Of the following, which situation would cause the shift of the supply curve from S1 to S2? D P1 P2…

A: A shift in supply curve may cause due to various such as change in number of firms, raw material,…

Q: The law of supply states that all other things remaining the same:

A: Demand and supply are important for the market. Demand is the desire of a particular consumer to buy…

Q: Which of the following is consistent with the law of demand?A) A decrease in the price of a gallon…

A: The law of demand states that consumers will be willing to buy larger quantities at lower prices as…

Q: If we observe an increase in the price of a good and an increase in the amount of the good bought…

A: If initially the demand curve is D and the supply curve is S, the equilibrium price and quantity are…

Q: Assume there is a decrease in the price of a complement.  This will cause the _______ curve to shift…

A: When the price of the complement decreases, then it will cause the demand to increase and it leads…

Q: Good A (an inferior good) and Good B (a normal good) are viewed by consumers to be substitute…

A: The answer is - (Option B) Decrease in both equilibrium price and quantity

Q: Which of the following would cause an increase in demand in the market for yoga pants? The price of…

A: The demand curve for a good shows the quantity demanded of that good at various price levels. When…

Q: The first law of demand implies that when the price of good X increases the result will be…

A: The demand theory in the Microeconomics is part of the consumer theory. The consumer theory in the…

Q: . When supply of a commodity increases without change in price, it is called

A: Supply of a commodity is related to the price of a commodity directly, but also depends on several…

Q: A decrease in the current price of a good would increase the demand for the good. increase the…

A: Demand for a good refers to consumer's desire to purchase that good and their willingness to pay for…

Q: When the price of good X increases, a. the supply curve for good X will shift to the right. b. the…

A: Supply curve depicts the positive relationship between quantity supplied and price of good, keeping…

Q: The price of a good will tend to fall when there is excess demand for the good. there is excess…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: Good X is a normal good. If the average income of those who buy good X rises, resulting in a(n) in…

A: Normal good: All those goods are considered as the normal good demand for whom rises as the income…

Q: Which of the following would NOT decrease the demand for steak? A. a fall in the price of chicken (a…

A: Demand curve shows an inverse relationship between price and quantity demanded. It slopes downward.

Q: As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 units…

A: The cross-price elasticity of demand is a concept that measures the responsiveness in the quantity…

Q: Good weather increases quantity supplied at every price, causing a rightward shift in the supply…

A: Supply curve shifts rightward when there is an increase in the supply and it shifts leftwards when…

Q: Consider the supply of nails shown in Figure 2. The initial supply of nails is S (in black), the…

A: Supply curve is upward sloping because at a higher price firms want to sell/produce more.

Q: The Law of supply states that other things remaining the same_________ a. There is a direct…

A: The answer is -  a. There is a direct relationship between price and quantity supplied. The Law of…

Q: I need help on question #6.

A: The movement of market is based on the forces of demand and supply and the changes in supply and…

Q: The price at which quantity demanded and quantity supplied of a good is equal is known as maximum…

A: In a free market the forces of demand and supply are set free to decide the market equilibrium and…

Q: For each of the following changes, determine whether there will be a change in quantity demanded or…

A: There is a change in the quantity demanded when there is a change in price of a product. On the…

Q: Use Exhibit 1. Which of the following statements is (are) correct?  A. A decrease in demand would…

A: Competitive equilibrium in economics is achieved by the interaction of free forces of demand and…

Q: Suppose the supply function for good X is given by: QSx = -30+2PX - 4PY How much of good X is…

A: (1) Provided with the supply function of good X QsX = -30 + 2PX – 4PY. Production of good X when the…

Q: The law of demand gives the relationship between price and quantity supplied True/False

A: In economics, the two most important laws of the market forces are the law of demand and the law of…

Q: In a market, the quantity demanded and quantity supplied are equal. Such market is said to be in…

A: The demand and the supply curve represents the Market situation as these are the two most important…

Q: A rise in the price of a substitute in production for a good leads to A) an increase in the supply…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: An increase in the price of good B caused an increase in the demand for good C. This indicates that

A: An increase in the price of good B caused an increase in the demand for good C. This indicates that…

Q: . According to the law of demand, when all other factors are held constant, the higher the price,…

A: Answer: Correct option: False (B) Explanation: Law of demand: According to the law of demand there…

Q: The demand for a commodity increases when its 1 (A) price increases (B) price decreases (C) price is…

A: Any change in demand due to a change in price, we term it as a change in quantity demanded. Any…

Q: When the price of one good affect the demand for another good, then the goods are likely to be…

A: The demand for a good gets affected by its price and other determinants such as price of related…

Q: Assume we are looking at the corn market (corn is a normal good). For each of the following…

A: Here, it is given that corn is a normal good due to which it's demand will positively linked with…

Q: The law of supply says that  A. The quantity supplied of a product rises when the prices of the…

A: Supply: It is the total amount of a specific good or service that is available to consumers.

Q: Which is consistent with the law of demand? A decrease in the price of tacos causes no change in…

A: Demand refers to the total amount of a good which an individual is able, and willing to buy at the…

Q: The demand for product M is NOT changed by which of the following? (Consider the Change in Demand vs…

A: When studying various economic concepts, people may confuse between two or more different theories…

Q: If new substitutes are developed for a product, what will likely happen to the demand curve for that…

A: An increase or decrease in the price of substitute goods directly affects the demand for a given…

Q: If the price of a product is below the equilibrium price, the result will be A. A shortage of the…

A: Equilibrium is a state in which economic forces like supply and demand are balanced and the…

Q: The Demand for a good always increase with the increase in the prices of other goods True/False

A: A good can be a substitute for the other good or it can be a complementary good for the other type…

Q: You are told that a 10% increase in the price of a good has led to a 1% increase in the quantity…

A: Answer -

Q: If two goods are substitutes, a decline in the price of one will cause an increase in the demand for…

A: There are different types of goods based on their use, consumer preference & taste, and…