Explain why you think that the demand of one product may diminish as prices are increased

Q: what are the determinants of demand for a product

A: Demand is the quantity of a good or service that people purchase at different prices during a given…

Q: How might companies such as Mars and Nestlé react to an increase in the price of sugar?

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Two reasons why suppliers tend to supply less at lower prices

A: According to the law of supply there is a direct relationship between prices and quantity supplied…

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: What does a downward-sloping demand curve mean about how buyers in the market will react to a higher…

A: A downward-sloping demand curve means that buyers in the market will decrease the demand and…

Q: Which of the following pairs of goods are most likely substitutes? a. Cola and lemon lime soda b.…

A: The notion that one good may be substituted for another has obvious economic implications: insofar…

Q: Knowing that peanut butter and jelly are complementary goods, what can be expected if the price of…

A: Complementary goods are those goods which are both depend with each other so if the price of one…

Q: Distinguish between the change in the quantity supplied and the change in the supply

A:

Q: Evaluate the behavior of consumers in terms of the demand for products

A: The economy consists of the various economic agents which would result in the producers, consumers…

Q: Will the demand for pay TV shows increase in the future

A: The demand for pay TV shows will increase in the future because:

Q: Select the phrase that correctly completes the following statement. "A positive change in technology…

A: The markets around the world tend to operate upon the forces of the supply of goods, and services,…

Q: The demand curve A indicates that

A: Demand curve A is perfectly inelastic demand curve. Here the elasticity would be zero.

Q: What is the difference between the demand and quantity demanded of a product, say milk? Explain in…

A: Meaning of Demand: Demand for a commodity refers to the desire to buy a commodity backed with…

Q: Over the last 10 years, price of new models of smart Phones increased by 25%. At the same time, the…

A: The Law of demand states that there is an inverse relationship between the price of the product and…

Q: 1. The movement from point A to point B on the graph is caused by   a.  an increase in price.   b.…

A: Demand is made of different combinations of price and quantity demanded.

Q: Difference between expansion of demand an increase in demand?

A: Expansion of demand and an increase in demand are two different concepts.

Q: What is the impact of market imperfections on the price elasticities of demand?

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: What effect will each of the following have on the demand for small automobiles such as the Mini…

A: Demand refers to the volume of goods and services that a consumer is willing to purchase at a given…

Q: What effect will each of the following have on the demand for small automobiles such as the Mini…

A: ANS Inferior Goods are those goods whose DD (demand) increases when income rises and vice versa. If…

Q: the measure of the percent change in the quantity of a good demanded divided by the percent change…

A: Price has an inverse relationship with quantity demanded

Q: For consumers, computers are a complement to computer software. Suppose the price of a computer…

A: Products that are used or consumed combinedly are called complementary goods. Under this the…

Q: Under what circumstances would demand for a product rise when its price increases?

A: Demand is an economic principle that reflects the willingness of consumers to buy goods and services…

Q: What is the Law of Diminishing Demand? Provide one example.

A: Demand is the quantity of good that the consumer is willing to buy at a given price and in a given…

Q: Use the table below to answer the question that follows: Price Quantity Demanded Quantity Supplied…

A: When the goods are being sold at equilibrium price it means price is at $23, demand is equal to…

Q: Why is a firm willing and able to increase the quantity supplied as the product price increases?

A: The law of supply states that ceteris paribus, as the price of the good increases, the quantity…

Q: What happens to demand for normal goods when there is rise in price of substitute goods

A: A normal good is also known as a necessity good. These are the goods that have higher demand when…

Q: If new substitutes are developed for a product, what will likely happen to the total revenue…

A: The goods are the commodities that satisfy the needs of the individuals and provide satisfaction to…

Q: The law of demand is an inverse relationship between the price and quantity demanded. Explain how…

A: According to the law of demand, there is an inverse relationship between the quantity demanded and…

Q: Relationship between changes in price and  corresponding changes in quantity that consumers will…

A: Change in price will leads to change in demand.

Q: When the price of a certain product was considered to be "low", consumers spent $5 million monthly…

A: We are going to use economics concepts such as normal goods and budget constraints

Q: Explain all the reasons why a decrease in the price of a product would lead to an increase in…

A: The law of demand says that there is an inverse association between the price of a service and…

Q: By providing an example, explain three factors that might shift the demand curve for a product…

A: Demand is the quantity theta. Consumer are willing to pay for it at certain place and time .  It is…

Q: Factors affecting change in demand

A: Demand is a functional relationship between quantity demanded and various factors affecting demand.

Q: What are some general factors that can impact the demand for a product and the supply of a product?…

A: Law of demand states that there exists negative relationship between price of a good and quantity…

Q: Based on the diagram, are beer and pretzels complements or substitutes?

A: Complementary commodities are those commodities which are used together. When the price of one good…

Q: The one saying that everything remaining constant, price and quantity demanded move in opposite…

A: As per the law of demand, the price and quantity demanded move in opposite directions but there are…

Q: Quantity Refer to the graph above. If demand increased: Price

A: At Equilibrium, quantity demanded is equal to quantity ssupplied. As the demand increases, the…

Q: Mandy has a lemonade stand. Her mother pays for all of her supplies, so she only cares about…

A: In a market, a firm uses different approaches to analyze their benefit from making economic…

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: What is wrong with this statement? Demand refers to the willingness of buyers to purchase different…

A: There is a small correction in the statement.

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: Match the following situation to the best description in the pull-down menu: Less of a product is…

A: Supply is different from quantity supplied. Supply changes when all the factors except the price of…

Q: The movement from point A to point B on the graph shows   a.  a decrease in demand.   b.  an…

A: Demand curve shows different combinations price and quantity demanded.

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

A: Law of demand states that there is a negative relation between price of a good and its quantity…