Which one is NOT the reason for a rightward change in Demand for McDonald's (assumed to be a normal good) in Kuala Lumpur? O a A higher consumers' taste and preferences for McDonald. O b. An increase of consumers' income level in Kuala Lumpur. Oc. The price of complementary good is more expensive. Od The price of substitute good is more expensive.

Which one is NOT the reason for a rightward change in Demand for McDonald's (assumed to be a normal good) in Kuala Lumpur? O a A higher consumers' taste and preferences for McDonald. O b. An increase of consumers' income level in Kuala Lumpur. Oc. The price of complementary good is more expensive. Od The price of substitute good is more expensive.

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 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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Similar questions

If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
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As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.
If donuts and coffees are complimentary goods, how would "Star Hollow Coffee" sales be impacted by a 30 per cent discount on donuts O a. a rightward shift of demand curve leading to an increase in sales of coffee O b. a rightward shift of demand curve of donuts leading to an increase in sales C.no change O d. a leftward shift of demand curve leading to an increase in sales of coffee
Ali’s income declines, and as a result, he buys more orange juice. Is orange juice aninferior or a normal good? What happens to Ali’s demand curve for Orange juice? b. A thunderstorm destroys half the maize crop. Is this event more likely to hurt maizefarmers if the demand for maize is very elastic or very inelastic? Explain.
Ali’s income declines, and as a result, he buys more orange juice. Is orange juice an inferior or a normal good? What happens to Ali’s demand curve for Orange juice? (3) b. A thunderstorm destroys half the maize crop. Is this event more likely to hurt maize farmers if the demand for maize is very elastic or very inelastic? Explain.
If the price of product M increases from $80 to $100, the quantity supplied for product M will increase from 850 to 1150 o What is price elasticity of supply for product M?If the market price of pizza falls from $15 to $12, the quantity supplied for pizza will drop from 2000to 1500. o What is price elasticity of supply for pizza withrespect toa) original price of pizza?b) new price of pizza?c) midpoint-price of pizza?
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What will happen if the price were below the equilibrium price? Select one: O a. Quantity demanded would exceed quantity supplied and there would be a surplus O b. Quantity demanded would exceed quantity supplied and there would be a shortage O c. Quantity supplied would exceed quantity demanded and there would be a surplus O d. Quantity supplied would exceed quantity demanded and there would be a shortage Oe. Quantity supplied would equal quantity demanded and the market would clear
Assume that both the demand curve and the supply curve for coffee shift to the right but the demand curve shifts more than the supply curve. As a result O the equilibrium price of coffee will decrease; the equilibrium quantity may increase or decrease. O the equilibrium price of coffee may increase or decrease; the equilibrium quantity will increase. O both the equilibrium price and quantity of coffee will increase. O the equilibrium price of coffee will increase; the equilibrium quantity may increase or decrease.
What is the cross elasticity of demand for good B with respect to the price of good A when the price of good A changes from $25 to $28? what type of good is it? Price of Good A $25 $28 a. -0.4 compliments O b. 0.4 substitutes O C. 40 substitutes O d. -40 compliments Demand for Good B 42 40
Consider the market for tea. Which of the following scenarios would definitely result in an increase in the price of tea?O a. A new study is published explaining the benefits of tea, and at the same time a new technology allowing for more efficient tea farming is discovered.O b. The price of coffee falls, and at the same time a new technology allowing for more efficient tea farming is discovered.O c. Consumers expect the price of tea to fall in the future, and at the same time a fire wipes out a significant portion of tea farms.O d. The price of coffee falls, and at the same time the cost of labor to farm tea decreases.Oe. A new study is published explaining the benefits of tea, and at the same time a fire wipes out a significant portion of tea farms.