Cheese and buns are comements. What will happen if cheese becomes less expensive?

Q: Does a change in consumers’ tastes lead to a movement along the demand curve or a shift in the…

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Q: Tomato sauce is a compliment for hot dogs.If the price of hot dogs rises, what happens to the market…

A: Answer: Introduction: Complementary goods are those goods that are consumed together like hot dogs…

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: Homeowners in New York City will receive a property tax rebate in the next few months. What do you…

A: The equilbrium price and quantity of a good sold in the market are determined by the forces of…

Q: Tomato sauce is a compliment for hot dogs. If the price of hot dogs rises, what happens to the…

A: Since tomato sauce is a compliment for hot dogs they both used together. When the price of hot dogs…

Q: What do you think Is the relationship between price and quantity supplied?

A: Quantity supplied refers to the amount of good to be supplied by the producer or supplier at a…

Q: When the price of cable TV decreases what will happen to the demand for satellite TV? Draw a diagram…

A: Substitute goods are the goods that can be used in place of one another and provide the same level…

Q: What is the relationship between MR and Price?

A: Microeconomics refers to the branch of economics that deals individually instead of aggregates a…

Q: Why do people purchase more of something when its price falls?

A: Law of demand states that when other things remain the same increasing price leads to reduces the…

Q: If the price of a product decreases by 10 percent and the quantity demanded increases by 5 percent…

A: Price Elasticity of Demand measures the percenatge change in quantity demanded due to percentage…

Q: What will happen if the income of consumers rises? a. The quantity demanded of normal goods will…

A: Demand is the want for a good and supply is the ability of the producers to satisfy the consumption…

Q: What events might prompt consumers to demand fewer goods at current prices?

A: To determine the events that may prompt consumers to demand fewer goods at current prices.

Q: The price for a product might remain the same, or rise or fall over time. Regardless, over time…

A: The price for a product is determined at the intersection of the market demand for the product and…

Q: ppose that an increase in the price of X goods, leads to a decrease in the demand of good Y This…

A: Suppose there is increase in price of good x and it leads to decrease in demand of good Y then it…

Q: If the economy goes into recession and income falls, what happened to inferior goods?

A: Inferior goods: The inferior goods are those goods whose demand increases when consumers’ income…

Q: Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, what…

A: The pairs of goods that are used together are known as complementary goods, therefore if the price…

Q: How would marginal utility and market demand be affected by a rise in the price of a contemporary…

A: A complementary product is a product or service that adds value to another product or service. In…

Q: Explain how the equilibrium, or market, the price of a product is examined.

A: Equilibrium is known as the state of balance, the state of rest from where there is no tendency to…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: What happens to the price of peaches if consumer income declines?

A: The normal good refers to the good whose demand is positively connected to the level of income.…

Q: The income of consumer has got increased and the consumer's demand for good X has also increased.…

A: If the consumer's income is increasing this means that the consumer can now afford more goods and…

Q: You have just opened a new grocery store. Every item you carry is generic (generic beer, generic…

A: The new store will be carrying generic items, i.e, beer, bread, chicken etc. These products have…

Q: The price of guacamole, a complement for tacos, increases. What happens in the market for tacos?…

A: Complement goods are those goods that are consumed with other goods like bread and butter. they have…

Q: What inferior goods that people buy?

A: Demand for inferior products is often determined by client behavior. Inferior smart refers to…

Q: Agree or disagree, a decrease in supply causes the price of coffe to fall

A: The supply (ss) of a good refers to the quantity that the producers are willing to sell at a…

Q: What is the "quantity demanded"? A) the maximum amount of a good that can be consumed during a…

A: Demand is a very important concept in economics. It is on the basis of forecasting of demand that…

Q: What refers to the amount of the satisfaction derived from the consumption of the commodity Help•••

A: It is the UTILITY which refers to the amount of the satisfaction derived from the consumption of the…

Q: the demand curve is horizontal, what would customers do when price increases?

A: The quantity demanded of the good is defined as the amount of the good the consumers are willing and…

Q: Cake and pastries are Substitute goods or complementary goods?

A: If two goods can be used on place of each other than they are Substitute goods and if they are…

Q: Income, taste, or population changes do what to the demand curve?

A: Demand is the quantity of the good that consumers want at different prices in the market at a…

Q: If bread and butter are complements then what will happen if there is an increase in the price of…

A:

Q: How has the supply and demand of a specific product affected your/your family’s purchasing…

A: The supply and demand for a specific good affect the consumer in several ways.  The interaction of…

Q: Does a change in consumers’ tastes lead to a movement along the demand curve or a shift in the…

A: The demand curve reflects the relation between the price of goods and quantity demanded to keep the…

Q: Are beer and pretzels complements or substitutes?

A: Answer:- Yes beer and pretzels are substituted as pretzels are being substituted by relatively…

Q: What happens to consumption of a normal good when its price increases?

A: Normal goods are those whose demand increments as individuals' purchasing power and incomes rises.…

Q: How does the number of sellers in the market increase?

A: A seller is a person or business that trades goods or services in exchange for money. The number of…

Q: State any two reasons for why a consumer buy more at a lower price

A: The inverse relationship between price and the quantity demanded is given by the law of demand and…

Q: If Goods are not rationed according to price, what happens?

A: Rationing is done by the government to manage the distribution of goods and services inorder to deal…

Q: We know that a change in the price of a product causes a movement along the demand curve. Suppose…

A: According to the law of demand, there is n inverse relation between price and quantity demanded of a…

Q: Sohail’s income declines and as a result, he buys more pumpkin juice. Is pumpkin juice an inferior…

A: As Sohail buys more pumpkin juice as his income declines, here pumpkin juice is an inferior good.…

Q: Ketchup is a complement as well as a condiment for hot dogs.If the price of hot dogs rises,what…

A: Complementary Goods are defined as those goods that are demanded together. Two goods are considered…

Q: A change in which of the following will not shift the demand curve for hamburgers? Price of hot dogs…

A: The shift in the Demand curve: The shift in the demand curve of a commodity occurs due to the other…

Q: We know that a change in the price of a product causes a movement along the demand curve. Suppose…

A: When the consumers expect that the price of a product rise in future, they will increase the demand…

Q: In what way may the income of the consumer affect his buying behavior?

A: The income of the consumer is the amount that the consumer has to spend on various goods and…

Q: If butter is the product, what happens when the price of magarine goes up?

A: Butter and Margarine are substitute goods for consumers.  Substitute goods are those goods that are…