Which of the following increases the demand for a good or service? A) a rise in the price of a complement B) a rise in the price of the good or service C) a rise in the price of a substitute good or service D) a fall in the price of the good or service

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: Which of the following increases the supply of meals from KFC?  a. Consumers' incomes increase and…

A: Supply refers to the willingness and ability to produce goods and services at the particular price…

Q: Do you agree with the following statements? Give reasons.  (a) There are some exceptions to the law…

A: Answer - Need to find- Do you agree with the following statements? Give reasons.    (a) There are…

Q: If the demand for milk is downward sloping, then an increase in the price of milk will result in…

A: Microeconomics studies the economic behavior of individual units such as a market, a firm, a…

Q: In the market for air travel, which of the following variables would decrease demand,ceteris…

A: Options C and D are correct.

Q: When the income of buyers of good X rises the equilibrium price of good X will (assume X is an…

A: A good whose demand fall with the increase in income of the consumer is known as an inferior good.

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: The law of demand says that  A. The quantity demanded of a product rises when the prices of the…

A: The law of demand says that the price and the quantity demanded of a normal good are inversely…

Q: Which will not cause a change in the demand for good X?  A) a change in tastes B) a change in income…

A: Answer - Need to find- Which will not cause a change in the demand for good X Evaluating the…

Q: If milk is a normal good, then a decrease in consumers’ income will definitely cause  A a decrease…

A: A normal good is the one whose demand increases with the increase in income and demand falls with…

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: Which of the following might lead to an increase in the equilibrium price of jelly and decrease in…

A: The equilibrium price is the market-clearing price that is determined corresponding to the…

Q: In the market for cream, which of the following events would increase demand, ceteris paribus? A.…

A: Complementary good refers to the goods that hold no value when consumed alone, and the goods can…

Q: Which of the following will NOT cause a shift in the demand curve? a) a decrease in the price b)…

A: The demand curve D is the downward sloping graphical representing the association between price and…

Q: In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved…

A: Shifting of supply curve and demand curve depend on many factor like supply curve changes when…

Q: Which of the following factors will NOT cause a shift in the demand for a good? a. None of the…

A: The demand for a good refers to when the person has an adequate amount of resources and the…

Q: Q.5.1 Explain, with the aid of a graph, the effect of an increase in income on the equilibrium price…

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

Q: explain and  Elaborate all possible effects of change in price to the equilibrium of consumer.

A: Consumer choice about what commodity he should consume and in what quantity depends on the price of…

Q: Which of the following will not cause a change in the demand for coffee.  A. a decrease in the…

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

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

A: The demand and supply mechanisms help in the form of invisible forces and affect the economy and its…

Q: List five basic determinants of market demand that could cause demand to increase. (a) Consumers'…

A: Demand for any particular good increases/decreases increases because of various factors.

Q: People come to expect that the price of a gallon of gasoline will rise next week. As a result,A)…

A: One of the factors that affect the behavior of a producer and consumer is future expectations.…

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: A change in a relevant factor other than the price of the good itself causes a ________ the demand…

A: Demand curve: It shows a relationship between price and the quantity demanded of a good or service…

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: Normal goods are those for which demand decreases asA) the price of a substitute falls. B) the price…

A: The demand for normal goods are more related to income of the people.

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: Which of the following would you expect to displace the demand for beef? Response option group (a)…

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

Q: calculate the cross price elastocoty of demand, if there is 5% change in the demand of a good when…

A: Cross price elasticity of demand = %change in quantity demand of a good / % change in the price of…

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: When the price of good Y increases from $2 to $3, the quantity demanded for good X decreases from 20…

A: Cross-price elasticity: - Cross-price elasticity of demand measures the responsiveness of change in…

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: If soup is an inferior good and income rises, then: a. the equilibrium price of soup and the…

A: In economic terms, inferior commodities are ones whose demand falls as the consumer's income rises.…

Q: Demand Question- A decrease in price causes  A) Demand to shift right B) Demand to shift left C)…

A: Demand curve: The demand curve shows the current market demand for a particular good and how…

Q: What is the effect on the equilibrium price of hotdogs and the equilibrium quantity of hotdogs sold…

A: 1. Price of substitute good rises which will increase the demand for hotdogs. Equilibrium price and…

Q: Which will cause the demand curve for an inferior good to shift in? 1. decrease in income 2.…

A: A demand curve is the graph between quantity demanded of a good at different prices of that good.

Q: As the price of pizza falls by 10%, the quantity of burgers decreases by 15%. Calculate the…

A: Given information,  Percentage decrease in price of pizza: 10% Percentage decrease in quantity of…

Q: You have the following information about good X and good Y: Income elasticity of demand for good…

A: Income elasticity of demand refers to a percentage change in quantity demanded due to a percentage…

Q: Which of the following may lead to a rise in the equilibrium price of iPhones and a fall in the…

A: Goods can be divided into substitute goods, complementary goods or they can be unrelated. Two goods…

Q: The price of cakes falls from $4 to $3 and the quantity purchased increases 80%, then demand for…

A: P0 = 4 P1 = 3 % change in Quantity = 80% % Change in Price =  28.5%

Q: Refer to the above graph showing the market for a product. Which of the following would best explain…

A: In the given figure, demand and supply interact at a certain equilibrium price P1 and equilibrium…

Q: Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in…

A: The equilibrium price is the price where quantity supplied and quantity demanded equal. This is the…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.