Which of the following will not cause a good’s entire demand curve to shift? Group of answer choices: (A) A change in consumers' income. (B) A change in consumers' tastes or desires for the good. (C) A change in the availability and price of substitute goods. (D) A change in consumers' expectations. (E) A change in the current price of the good
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- Four of the following five events might reasonably be responsible in shifting the demand curve for coffee to a new position. Point out the one which would not shift the demand curve and why? (a) A fall in the price of tea.(b) An increase in the money income of the consumers.(c) A widespread advertisement campaign undertaken by the producers of coffee. (d) A change in the habit of the consumers.(e) A rise in price of coffee.For a particular good, a 10 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? a. The relevant time horizon is short. b. The good is a luxury. c. The market for the good is narrowly defined. d. There are many close substitutes for this good. Selected Answer: C. CFor a particular good, 10% increase in price causes a 5% decrease in quantity demanded. Which of the following statements is most likely applicable to this good? a. The good is a luxury b. The market for the good is broadly defined c. there are many close substitutes for this good d. The relevant time horizon is long
- For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? A. the good is a luxury B. the market for the good is broadly defined C. the relevant time horizon is short D. there are no good substitutes for this goodWhat 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.Price (P) S1 P2 P1 Q: Quantity (Q) In the diagram above, which of the following events would explain the change shown? Select one: a. The price of a complementary good has increased, and this is the market for its related good. b. There has been an improvement in the technology used to produce the good in this market. c. Consumer incomes have increased and this is the market for a normal good. d. There has an increase in the price of an important input used in the production of this good.
- For a particular good, a 10 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? A. There are no close substitutes for this good. B. The good is a necessity. C. The market for the good is broadly defined. D. The relevant time horizon is long.When economists say the demand for a product has increased, they mean the demand curve has shifted to the right. price of the product has fallen, and consequently, consumers are buying more of it. cost of producing the product has risen. amount of the product that consumers are willing to purchase at various prices has decreased.If an increase in income results in a decrease in the quantity demanded of a good, then the good is a luxury. an inferior good. a normal good. a necessity.
- Prices are given according to the supply and demand quantities of a good. a) Graph the change in supply-demand quantities according to the price.b) Find the equilibrium price and the equilibrium amount.c) What is the demand price elasticity when the price increases from 6 TL to 8 TL? Evaluate the result.d) What would the income price elasticity be if the consumer income increased from 2500 TL to 3000 TL for the same range? What kind of goods is this good?e) What should the selling price be for the total revenue to be maximum? What will be the amount and maximum revenue at this selling price? Cost (TL/adet) Amount of demand (piece) Amount of supply (piece) 2 125 30 4 115 38 6 105 46 8 95 54 10 85 62 12 75 70 14 65 78 16 55 86 18 45 94 20 35 102Which will not cause a change in the demand for good X? A) a change in tastes B) a change in income C) a change in the price of good X D) a change in price of complementary product for good XThe figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. Move the supply and/or demand curves to reflect the primary effect this would have on the market for online music. You can assume that online music is a normal good. Also select the end result of equilibrium price and quantity. Equilibrium price Equilibrium quantity Price ($ per track) Quantity (number of tracks) Supply Demand