Which of the following increases the demand for a good or service? A) a rise in the price of a complement B) a rise in the price of the good or service C) a rise in the price of a substitute good or service D) a fall in the price of the good or service

What is the "quantity demanded"? A) the maximum amount of a good that can be consumed during a specific time period B) the amount of a good people are able and willing to buy during a specific time period and at a given price C) the amount of a good people desire D) the amount of a good people are able and willing to buy at all possible prices

What is one consumer food or service for which in the last 10 to 15 years consumers preference has actually increased, and still, the price has decreased. Based on all the supply and demand determinants, what is a possible reason that could cause the decrease in the price of the suggested good.

If an increase in income leads to an increase in the demand for sushi, then sushi is a normal good. a neutral good. a complement. a necessity.

Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $6.50, and the equilibrium quantity is 35.0. When the price is $9.75, the quantity supplied of waffles is 57.0 and the quantity supplied of pancakes is 101.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places. Supply in the market for waffles is

Which of the following products would likely be the most inelastic? Restaurant Meals Clothing Plastics Furniture

Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price. Step 5: Calculate the price elasticity of demand by dividing the percentage change in quantity demanded by the percentage change in price, ignoring the negative sign.   Using the midpoint method, the elasticity of demand for headsets is about (.44/1.14/2.28/4.56)

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.

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

when the price of a good decreases, what happens to the market?  D & Q demanded both increase  D    Decreases  D    Increase  D & Q demanded both decrease  Q Demanded increases