A decrease in the current price of a good would increase the demand for the good. increase the quantity demanded for the good. decrease the demand for the good. decrease the quantity demanded for the good.

Q: price

A: The Demand (DD) depicts the demand generated by consumers at a given price during a duration. The…

Q: Good X and good Y are substitute in production. The demand for good X decreases, which lowers the…

A: Two goods are called ‘substitutes’ to each other, if they can satisfy the same need of the consumers…

Q: A decrease in the price of a substitute causes the _______ curve to shift _______.  A decrease in…

A: When the price of substitute decreases, the demand increases and it cause demand curve to shift…

Q: X is an inferior good.  If there is an increase in incomes, then…

A: Inferior goods are the goods whose demand decreases when income rises or the demand increases when…

Q: If the price of X decreases and this decreases the demand for Y, then

A: If the quantity demanded of a commodity decrease due to change in the price of another commodity is…

Q: A decrease in supply and a decrease in demand will  increase price and affect the equilibrium…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: increase in money incomes if X is a normal good. increase in the price of substitute product Y.

A: Increase in the price of substitute of product y.

Q: An increase in demand for a good may be caused by a decrease in the price of *         the good.…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: A supply curve shows that *       sellers prefer high prices.       supply for the good is present.…

A: A supply curve shows a graphical representation of price of goods and quantity supplied of goods.…

Q: A market supply curve shows how the total quantity supplied of a good varies as   a. price of the…

A: The total production process of a firm/industry is an amalgamation of various forces, the optimum…

Q: If an increase in income results in a decrease in the quantity demanded of a good, then the good is…

A: Consumer income is a factor which affects the demand for a good since it dictates how much of a good…

Q: The amount of a good or service that buyers are willing and able to buy at a given price is called:…

A: Demand: It is the desire or ability to purchase a good or service.

Q: A decrease in supply will cause an increase in demand. a decrease in demand. an increase in quantity…

A: Decrease in supply: Figure -1 shows the effect of decrease in supply as follows:

Q: The amount of a good or a service that a producer supplies at a specific price is called:

A: Let us first understand certain concepts related to the above question.Producer: Producers are the…

Q: demand gap occurs when *       quantity demanded is greater than quantity supplied.       when…

A: Demand is economics is the quantity that the customers are willing to purchase in the market. In…

Q: An increase in the price of pineapples will result in a decrease in the demand for pineapples. a…

A: Answer: Correct option: (d) a larger quantity of pineapples supplied Explanation: According to the…

Q: Ceteris paribus, an increase in the price of a good will cause the quantity demanded of the good to…

A: Producer surplus is defined as the difference between total revenue and total cost. It is the…

Q: A schedule which shows the various amounts of a product producers are willing and able to produce at…

A: Difference between demand and quantity demanded Demand - it refers to the quantity of a good that a…

Q: If supply increases, this means suppliers are willing and able to offer less of the good for sale at…

A: There is positive relationship between supply and price of the product. As the price increases the…

Q: The price of a good will tend to fall when there is excess demand for the good. there is excess…

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

Q: A 20 percent fall in price leads to 80 percent rise in the demand for a good. A consumer buys 100…

A: Price elasticity of demand for a good is the measure of responsiveness of demand due to the change…

Q: An increase in the price of a good would :a. Give producers an incentive to produce more. b.…

A: As per law of supply, there is a positive relationship between price and quantity supplied.

Q: An increase in the price of a complement good brings about a(an)        increase in quantity…

A: Complementary Goods Complementary goods are those goods and services which are used together by the…

Q: A rise in price will increase the quantity demanded.

A: In a market, price refers to the charges paid by a buyer for a specific good when he make a purchase…

Q: A decrease in demand and a decrease in supply will lead to a :decrease in quantity but the effect on…

A: The demand and supply mechanisms of an economy are the two components that actively act and react in…

Q: A decrease in the demand for chocolate with no change in the supply of chocolate will create a _____…

A: Equilibrium is achieved at a point where demand curve intersects supply curve.

Q: Suppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units. If the…

A: Price=$10 Quantity=60 units; Price=$4

Q: Demand for the desired quantity of a good that is backed by the ability to buy that good is known…

A: The economic law of demand portrays the negative relationship between the desired units demanded of…

Q: X is an inferior good. If there is an increase in incomes, then (quantity supplied,quantity…

A: Because X is an inferior good,if there is an increase in incomes then quantity demanded for good X…

Q: The demand schedule for a good: A. indicates the quantity that people will buy at the prevailing…

A: In a market, demand for a specific good explains the ability and willingness of an individual to…

Q: When the price of a good is above its equilibrium price: Select one: a. a shortage puts upward…

A: In a market, equilibrium occurs when the demand curve intersects the supply curve. It determines the…

Q: The equilibrium price means that the supply and demand for a product are in balance.True or False

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: The demand for a commodity increases when its 1 (A) price increases (B) price decreases (C) price is…

A: Any change in demand due to a change in price, we term it as a change in quantity demanded. Any…

Q: A market is in equilibrium when supply is equal to demand. the price is adjusting upward. the…

A: Owing to the equal operation of opposing forces, equilibrium is formally defined as a state of rest…

Q: When demand increases, there is a _____ at the old equilibrium price, which puts _____ pressure on…

A: The curve that depicts various quantities of goods being demanded by consumers at various levels of…

Q: An increase in consumer income will cause a decrease in the demand for an inferior good.  A.True…

A: The demand refers to the quantity of goods that a consumer is able and willing to purchase at a…

Q: An increase in quantity demanded caused by change in the price ......................... a)…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: An increase in quantity demanded is caused by an increase in the price of a substitute of the…

A: When other terms/factors remaining similar/constant, there is a negative association between the P…

Q: If the demand for a product is elastic, then a rise in price will     keep total spending the…

A: The quantity demanded of a good refers to the amount of the good the consumers of the good are able…

Q: A change in demand means there has been a shift in the demand curve, and a change in quantity…

A: In the free market, the equilibrium price and quantity demanded is determined by the forces of…

Q: If the cost of producing Good A falls, this will cause      A) an increase in the market price of…

A: In a market, the cost of producing any good influence the market equilibrium due to change in the…