For consumers, computers are a complement to computer software. Suppose the price of a computer falls. Simultaneously, suppose that the number of companies selling computer software decreases. How do these changes affect the price and quantity of computer software?

Q: The law which states the positive relationships between price and quantity supplied is known as…

A: Price and quantity supplied have a direct link between then. This means if price rise then the…

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: A Dell computer is a substitute for a Hewlett-Packard computer. What happens to the demand for…

A: Two goods are said to be substitutes of each other when they can be used in place of each other. The…

Q: Consider the market for wood burning stoves, if there is a decrease in the price of electricity and…

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

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: Consider the relationship between the demand for the following products: vodka and grains. What…

A: Complementary goods are those goods that are used together or in conjunction. The absence of one…

Q: The figure above shows the demand for fruit snacks. Which movement reflects how consumers would…

A: Demand curve depicts the relationship between price and quantity demanded.

Q: What are the results of “changes in price”? How does this differ from “changes in demand”?

A: The willingness of a consumer to purchase goods and services at a certain price is known as demand.

Q: Illustrate the movement and shift in demand for the following cases using a demand curve. a.…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: increase in the price of chilies is inversely proportional to the amount of demand for chilies is an…

A: According to law of demand, other things being constant, there is an inverse relationship between…

Q: Consider a company that decreases the price of their product by 50% and finds that quantity demanded…

A: Elasticity of demand measures how much the quantity demanded responds to the changes in the price of…

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

A: The law of demand establishes the inverse relationship between the price and quantity demanded,…

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: Consider the market for soft drinks. Starting off from the equilibrium price and quantity,…

A: The markets around the world are considered to be one of the most important place, which assists in…

Q: If advances in PC production technology increased the supply of PCs sharply. The demand for PCs will…

A: Here, it is given that there is a technology advancement in PC’s production; therefore, as a result,…

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: If computers are like most goods and the price of computers chips fall, then holding all else…

A: Answer: A decrease in the cost of inputs leads to an increase in the supply of a good. As a result,…

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: Explain whether each of the following statements describes a change in demand or a change in…

A: A change in demand is a shift in the demand curve and this happens due to change in any factors of…

Q: Explain, with the aid of a graph, the effect of an increase in income on the equilibrium price and…

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

Q: Assume that the image shows demand for skirt steak, which is used to make fajitas. Which of the…

A: The change in demand is discussed as follows

Q: When the price of 7-Up increases, how will it affect the demand for Sprite? Draw a diagram to…

A: Substitutes are the goods which can be used in place of the other. Complements are the goods which…

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: Which of the following will not cause a shift in the demand curve for a good? a) income b) taste…

A: When there is a change in price of good, it causes movement along the demand curve or supply curve.…

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: Agree or disagree, if both coffe and tea are normal goods and the price of coffe increase, it will…

A: Normal goods are those goods which have positive relationship with the income of consumers.

Q: According to the law of demand, when the price of an item goes up, the quantity demanded stays at…

A: In a competitive market structure, the market forces of demand and supply determine the equilibrium…

Q: Explain whether each of the following statements describes a change in demand or a change in…

A: Demand, in economics, measures the amount of quantity demanded by the consumers at different prices…

Q: When the supply curve shifted, what effect did it have on the quantity supplied at $1.20

A: Supply is defined as the number of services or goods which a producer is willing and able to provide…

Q: If the supply of tennis balls, a complement to tennis racquets, decreases, what will happen to the…

A: If the supply of tennis balls decreases, the equilibrium price of tennis balls increases and the…

Q: The curve that shows the relationship between the quantity demand of a product and its price of…

A: It is the graphical way of showing the relationship between the quantity supplied and the price of a…

Q: Which of the following does NOT decrease the demand for Oreos? An increase in the price…

A: There is a huge difference between the change in quantity demanded and the change in the demand for…

Q: When the price of butter was "low," consumers spent $5 billion annually on its consumption. When the…

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

Q: Which of the following increases the demand for a good or service? A) a rise in the price of a…

A: Increase in demand refers the situation when more quantity of a commodity is purchased at the same…

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: If computers are like most goods and the price of computers chips rise, then holding all else…

A: Assuming: computers are like most (normal goods). Computer chips are used as input in the making of…

Q: computers and software are complements, then A) other things being equal, a fall in the price of…

A: At a marketplace, when two goods are complements, there relationship between the price of one with…

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

A: A replaceable good is a commodity or service that buyers perceive to be exactly the identical as or…

Q: Your research into the vegetable market shows that when the price of vegetables increases by 10%,…

A: Cross price elasticity refers to the percentage change in quantity demanded for one good with…

Q: Changes in which of the following factors do NOT shift the demand curve? A) the number of buyers B)…

A: The demand curve is a graph that describes the relationship between the price of a product and the…

Q: Does demand increase/decrease? Yes, the change in the price of landlines phoneservice increases…

A: One of the factors that affect the demand for goods is the price of related goods. Related goods are…