Q22 Which of the following is NOT a determinant of consumer demand?O incometastes and preferencesO prices of related goodsthe number of producers in the market

Answered: Image /qna-images/answer/9652f47e-af68-40ea-b987-dd46491c3d61.jpg

Answered: Which of the following is NOT a…

Which of the following is NOT a determinant of consumer demand? O income O tastes and preferences O prices of related goods O the number of producers in the market

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 3SCQ: Explain all the reasons why a decrease in a products price would lead to an increase in purchases.

See similar textbooks

Related questions

Q: The the portion of your income spent on a good, the is your demand for the good. O 1) larger; more…

A: Income elasticity of demand is the responsiveness of quantity demanded for goods and services when…

Q: 4. Describe and draw the income and substitution effects of an increase in the price of bottled…

A: Assuming the bottled water is normal good. With an increase in the price of bottled eater , given…

Q: When Marvan received a promotion at work, his income rose by 20%, and he decided to increase his…

A: The concept of income elasticity explains how the income change leads to the change in demand of…

Q: o. the effect of a change in the price of Coke on the purchase of Pepsi

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Ilustrate the law of Demand by showing the differences between the changes of quantity demanded and…

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

Q: Which one of the following is NOT a determinant of demand? O The prices of related goods O The cost…

A: Answer: the cost of inputs in production

Q: When the price of broccoli increases, the market for the substitute product Brussel sprouts would…

A: Demand is the quantity of a good which the consumers are in turn willing and being able to purchase…

Q: An increase in the quantity demanded means that price has declined and consumers therefore want to…

A: When the price of a good decrease the quantity demanded of a good increases.

Q: The law of supply implies, ceteris paribus, that as the price of yogurt increases, the quantity of…

A: Correct : increases, the quantity of yogurt supplied will increase.

Q: Answer! Da D2 Quantity (fruit snacks) The figure aboveshows the demand for fruit snacks. Which…

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

Q: 36. Which one is increasing function of price? A. O Demand B. O Utility C. O Supply D. O Consumption

A: The markets are the place where the buyers, and the sellers of various goods and services tend to…

Q: QUESTION 11 The law of demand states tha "an increase in the quantity demanded means that price has…

Q: d. Solve for the price consumers are willing and able to purchase at 1,000 units? e. What is the law…

Q: The future super bowl winners, the LA Dodgers, will be selling a lot of apparel after the eventual,…

A: Note: There are multiple sub parts of the question. We shall answer only the first three sub parts…

Q: is determined by the interaction öf supply, O Effective Demand O Simple Demand O Quantity Demand O…

A: Since you posted multiple questions, we will provide you the answer to the first question. If you…

Q: d. What does this tell you about the relationship between muffins and coffee when the price of…

A: Elasticity of demand is defined as type responsiveness of the quantity demand when price of the…

Q: The law of demand states that O consumers will exhaust their incomes as they purchase goods and…

A: Equilibrium is achieved at the output level where Qs=Qd

Q: When the demand for bread is positively related to the quantity demanded for eggs, then these two…

A: Positive relative goods means the Price or demand of goods moves in same direction like if the…

Q: Consider the market for mobile phones. If consumers' incomes are increasing, then the price of…

A: Answer: Correct answer: Increase Explanation: As the income of consumers increases then the demand…

Q: Plot the demand curve from the demand schedule information provided Price Quantity 1 9 2 6 3 4 4 3…

A: Note: As per the guidelines we will answer only three subparts. Please resubmit the question again…

Q: When drawing a demand curve, what variable is in the vertical (y) axis? O Price O Quantity O Income…

A: A graphical representation of the relationship between a good's price and the quantity demanded is…

Q: Which of the following are determinants of supply ? Select one: a. the price of related goods O b.…

A: Supply is defined as the amount of goods and services which are available to the buyer in the…

Q: Select one: O a. decrease, and the quantity sold in the market will decrease. O b. increase, and the…

A: Equilibrium is achieved at the output level where Qs equals Qd.

Q: If an increase in the price of blue jeans ( jin) leads to a decrease in the demand for tennis shoes…

A: Demand is the total quantity of products and services for which the customers are ready to buy at…

Q: Donuts and coffee are complements. When the price of a donut increases, the demand for coffee the…

A: Cross price elasticity refers to the responsiveness of quantity demanded to changes in the price of…

Q: Figure 4.2 P3 - E P2 P1 - D A C Q Q2 Q3 Q Qs Qo Qr Refer to Figure 4.2. The demand curve E is most…

A: Given: In the figure, there are various demand curves. Demand curve E is perfectly elastic which is…

Q: Explain the general determinants in one paragraph. GENERAL DETERMINANTS OF DEMAND • Good’s own…

A: The price of a commodity and its demand are inversely related which means if the price rises then…

Q: o which side shifts the demand curve if consumers' incomes increase? Draw this curve.

A: Demand curve: It represents the relationship between the price and the quantity of the commodity…

Q: Each of the following are determinants of demand EXCEPT Select one: O a. tastes. O b. income O c.…

A: The determinants of demand are the factors that cause fluctuations in the demand for a product or…

Q: What is the sum of all individual demand curves for a product? Select one: O a. summation demand O…

A: Individual demand:- Individual demand can be explained as the preference of a person to purchase an…

Q: The relationship between quantity supplied and the price is and the relationship between quantity…

A: The Law of demand is that when other things are constant an increase in price decreases quantity…

Q: nich of the following statements relating to demand and supply is false? The substitution of…

A: In a market, demand and supply curves are influenced by various determinants, and these determinants…

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

A: a) An inferior good is the one which has a negative income elasticity of demand. This implies that,…

Q: Think Critically a. Use the data below to construct a demand curve for pizza. Price Quantity 14…

A: The law of offer and demand may be a theory that explains however the sellers of a resource move…

Q: Which of the following does NOT cause the entire demand curve to shift? O a change in income O a…

A: In economics, the shift of the demand curve refers to a change in the demand for a product at a…

Q: Which of the following does NOT cause a shift in de O change in income O change in tastes O change…

A: As per the law of demand, price has an inverse relationship with quantity demanded.

Q: The demand curve shows the relationship between price pa p3 demand curve O consumer tastes and…

A: Economics is the branch of social science that deals with the production, distribution, and…

Q: The change on the graph above is most likely the result of O a new technology decrease in consumer…

A: Correct : increase in the price of a substitute

Q: 2. Identify and state the variables on each axis of a demand curve 3. How is "a shift of the demand…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first three subpart for you…

Q: QUESTION 11 Jennifer, an accountant, is promoted at the company she works for. Therefore, her salary…

Q: QUESTION 7 Which of the following is not true about demand and quantity demanded? O Quantity…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 39. If the demand for a good is inelastic, an increase in the price of the good will cause the total…

A: Elasticity is used to calculate the difference between the relative change in the amount demanded of…

Q: QUESTION 3 Which of the following influences people's buying plans and does not shift the demand…

A: 3. According to the law of demand, a commodity's price and demand have an inverse proportional…

Q: Compare the demand for sugar with demand for clothes. The demand for sugar is likely O A. more…

A: Compare demand of sugar with demand foe clothes.

Q: What changes occur in the graph of Tina's demand curve as the price of bottled water rises? As the…

A: Answer is given below

Q: This graph shows the quantity of t-shirts demanded at D and D1. The change in quantity demanded…

A: Shift in demand curve is caused by following factors:- 1) Changes in price of related goods:- Change…

Q: Which of the following could not shift the demand curve to the left in the market for Switch…

A: Demand curve is a negatively sloped line that shows inverse relationship between price and quantity…

Q: Which of the following are determinants of demand? Select one: O a. input prices O b. number of…

A: Demand refers the total amount of goods and services that are willing and able to buy at the…

Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Q22

Which of the following is NOT a determinant of consumer demand?
O income
tastes and preferences
O prices of related goods
the number of producers in the market

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Explain all the reasons why a decrease in a products price would lead to an increase in purchases.
Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elasticity of the other good you buy?
Economists define normal goods as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category. Can you come up with a name for each category?
What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
Consider the demand for hamburgers. If the price of a substitute good (for example, hot dogs) increases and the price of a complement good (for example, hamburger buns) increases, can you tell for sure what will happen to the demand for hamburger? Why or why not? Illustrate your answer with a graph.
What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.
Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.
The avenge annual income rises from 25,000 to 33,000, and the quantity of bleed consumed in a year by the avenge person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Is bread a normal or an inferior good?
If people do not have a complete mental picture of total utility for every level of consumption, how can they find their utility-maximizing consumption choice?