Assuming other things equal-according to the law of demand

Assignment Help Business Economics
Reference no: EM131090329

Assuming other things equal, according to the law of demand:

A. price and quantity demanded are directly related.

B. consumers will buy more of a product at high prices than at low prices.

C. the larger the number of buyers in a market, the lower will be product price.

D. price and quantity demanded are inversely related.

Reference no: EM131090329

Questions Cloud

Pay for such security having principal value : A 5 year treasury note has a coupon rate of 2.50%. What price would you pay for such a security having a principal value (par value) of $1 million if the current interest rate is 2.25%? The current interest rate is 3%? (to simplify the calculations, ..
Which is the most socially desirable : Humphrey and Lauren are splitting 10 gallons of soda and six pounds of popcorn. Let’s represent Humphrey’s preference with the utility function UH = 3SH + PH and Lauren’s preferences with UL = 2SL + 4PL, where SH and SL indicate their soda consumptio..
The concept quantity demanded : The concept "Quantity Demanded":
Cause leftward shift in the demand curve for good : Assuming other things equal, which one of the following changes could cause a leftward shift in the demand curve for good C?
Assuming other things equal-according to the law of demand : Assuming other things equal, according to the law of demand
As the price of adidas basketball decreased : As the price of Adidas basketball decreased, Kobe bought additional Adidas basketballs and less Nike basketballs. Which of the following expressions clarifies Kobe's decision to purchase more of Adidas basketball?
Consumer goods and capital goods : Suppose the economy produces only 2 goods: consumer goods and capital goods (K). Also suppose the economy is operating at full employment. Finally, suppose consumer goods are subject to legal price controls (price ceiling). Use a PPF to show the econ..
Amnesty program affect the flow of future border crossings : Why do you think so many state and local governments are greatly concerned about the Federal government’s allegedly lax enforcement of the immigration laws and congressional proposals to grant legal status (amnesty) to the 12 million illegal immigran..
In general a production possibilities curve : Which one of the following statements is not accurate? In general a production possibilities curve:

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd