The amount of a good that buyers are willing and able to purchase at a given price.

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: A loss of purchasing power due to a price increase and a decrease in the amount of one good…

A: Due to price increase, if the purchasing power of a consumer decreases, it is the income effect.

Q: An increase in the supply of a good will increase the total revenue producers receive if?

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: † quantity demanded is completely unresponsive to

A: Elasticity measures how much responsive the quantity demanded is towards the changes in the price of…

Q: Why do people purchase more of something when its price falls?

A: Law of demand states that when other things remain the same increasing price leads to reduces the…

Q: Meaning of utility

A: It is a service that is offered to the general population, such as water, gas, or electricity.

Q: How does change in price affect CONSUMER OPPORTUNITIES?

A: Microeconomics refers to the branch of economics that is concerned with a single factor and affects…

Q: Blair has vast riches and consumes thousands of dollars' worth of consumer goods each week, yet she…

A: It is a common phenomenon that the people with vast rich is also not satisfied with the consumption…

Q: Are airline tickets more expensive a few months before the flight or one day or several hours before…

A: It isn't kind of rule to mention but the air tickets when booked few month before the flight tends…

Q: Goods that can be used to replace one another are called What?

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

Q: What events might prompt consumers to demand fewer goods at current prices?

A: To determine the events that may prompt consumers to demand fewer goods at current prices.

Q: does not exist today for which there is a market need

A: Market need: It refers to the need or demand of the people who have to be fulfilled by the producers…

Q: An increase in the price of wheat will lead to

A: Change in price of wheat will cause a movement along the demand curve.

Q: How would you define consumer behavior?

A: Consumer behaviour is very important for any firm to determine what goods and services need to…

Q: A market is any arrangement that allow buyers and sellers to exchange things

A: # Buyers and sellers engage into the activity of the transaction of goods and services. Such…

Q: Is buying a steak at the restaurant considered a good or service?

A: Answer: Introduction: Goods: goods are those things that have a physical presence. In other words,…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: An increase in quantity demanded

A: Here an increase in quantity demanded is due to change in price and this cause movement along the…

Q: The individual demand will If price falls.

A: At the market place, the behaviour of the individual is explained by the consumer demand theory…

Q: Good which are supposed to be used together to satisfy a want or need are called___________

A: # Few goods can be used in place of each other and few foods are supposed to be used together to…

Q: The decrease in demand will lead to a decrease in the price of equilibrium as well as the quantity…

A: Demand is the volume of goods and services that consumers are willing to buy, at a certain price. As…

Q: Budget constraints provide a visual image the represents what a person can afford, given the price…

A: Budget constraint shows the amount of two goods  with given set of income that the consumer can…

Q: What inferior goods that people buy?

A: Demand for inferior products is often determined by client behavior. Inferior smart refers to…

Q: If you buy less clothing because the price of clothing at your favorite store has gone up, what are…

A: Consumption of products and services in the economy by consumers is referred to as demand. Demand,…

Q: a full explanation about perceived enjoyment

A: Enjoyment is basically the pleasure that people get from the various activities they perform in…

Q: Utility from consuming a good is understood by economists to mean;  (a)  how often we consume the…

A: The benefit or the satisfaction that a person derives from the consumption of goods and services is…

Q: Goods which can be used on place of each other are called __________ goods

A: Depending upon the cross price elasticity of goods, goods can be of two types:- (A) Complementary…

Q: what is a normal good?

A: Goods refers to the goods which are purchased by the consumer to satisfy their wants. Inferior goods…

Q: what is the most important concept in satisfying needs and wants

A: A need is anything which is a basic necessity and is required to live. On the other hand, wants are…

Q: Cake and pastries are Substitute goods or complementary goods?

A: If two goods can be used on place of each other than they are Substitute goods and if they are…

Q: Does the role of price vary with the type of situation?

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

Q: What is supplied

A: Demand is the quantity of an item or service that consumers buy at various prices during a specific…

Q: price,

A: Demand generated by all the consumers/individuals at a given price during a duration depicts demand.…

Q: _______________ refers to the willingness and ability of buyers to purchase different quantities of…

A: The market is the combination of buyers and sellers. It is a system in which transactions take place…

Q: What is the best price that producer must determine so as to achieve maximum revenue

A: Total Revenue is the product of the number of units sold multiplied by the price. Similarly, the…

Q: Factors that influence demand and supply

A: Supply and demand, in economics, is relationship between the amount of goods that producers want to…

Q: What is complementary goods

A: In an open economy, there is a free flow of production of goods and services. All types of goods are…

Q: A buyer's willingness to pay for a good is the that good. It measures how much the the good. buyer…

A: "Consumer surplus occurs when the price the consumer pay for the commodity or service is less than…

Q: Agree or disagree, during 2009, income fell sharply due to the financial crisis of 2008-2009. This…

A: The entire demand curve for a commodity would shift with a change in consumers income, taste and…

Q: quantity traded is lower options , quantity traded is lower price or quantity

A: *Answer:  A price ceiling is a price fixed by the government to protect the consumer, this price…

Product and Price Bundling

Product and price bundling is used as a marketing strategy by businesses, where complementary products and services are combined and sold as a package deal. This bundled price is usually less than the total price of the individual products if they were to be sold separately. When bundled and sold, each product is sold at a reduced price. Using a price bundling strategy helps increase the average revenue per user and also increases the engagement with the user. This happens as the perceived value of the bundled products is more than the individual products.