What term is used to describe goods that can replace each other to some extent, so that a rise in the price of one good leads to a higher quantity consumed of the other good, and vice versa? Complementary goods Normal goods Inferior goods Substitutes

Think about a retail product that you have purchased recently (e.g. groceries, restaurant meal, cotton T-shirt, leather shoes, etc.). Explain how the Law of Demand affected your purchase.  Give specific examples of how your demand for this product was impacted by the five determinants of demand (T.I.P.E.N.).  What might happen to your individual demand curve if any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve (change in quantity demanded) for this product. Discuss the new equilibrium price and quantity that result from these changes.

At the beginning of the pandemic, millions of people became unemployed. Around the same time, the demand for rice increased dramatically. Rice is what type of good? O An inferior good A substitute A normal good A complement

The law of demand is an inverse relationship between the price and quantity demanded. Explain how the law of demand related to a recent two purchases that you had to make.

Explain all the reasons why a decrease in the price of a product would lead to an increase in purchases of the product. ​​

Two goods are substitutes if a decrease in the price of one good. This will lead to: Select one: a. reduces the quantity demanded of the other good b. increases the demand for the other good. c. increases the quantity demanded of the other good d. reduces the demand for the other good

QUESTION 79 1. You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. You still enjoy Ramen noodles very much and buy even more, but your roommate plans to buy fewer Ramen noodles. You and your roommate consider Ramen noodles as a normal good You and your roommate consider Ramen noodles as an inferior good You consider Ramen noodles as an inferior good but your roommate considers it as a normal good You consider Ramen noodles as a normal good but your roommate considers it as an inferior good QUESTION 80 1. You own a deli. Which of the following is most likely a fixed input at your deli? the dining room the bread used to make sandwiches the tomato sauce used to make soups the employees

Suppose that Paolo and Sharon are the only consumers of ice cream cones in a particular market. The following table shows their monthly demand schedules:   Price Paolo’s Quantity Demanded Sharon’s Quantity Demanded (Dollars per cone) (Cones) (Cones) 1 8 16 2 5 12 3 3 8 4 1 6 5 0 4   On the following graph, plot Paolo’s demand for ice cream cones using the green points (triangle symbol). Next, plot Sharon’s demand for ice cream cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol).   Note: Line segments will automatically connect the points. Remember to plot from left to right.

What is the difference between substitutes and complements? Indicate two goods that are substitutes for each other. Indicate two goods that are complements.

When does a consumer buy more quantity of a commodity at a given price? give three points.