Question: What is the effect of a decrease in the price of a product? Select one: a.It will decrease the demand. b.It will decrease the quantity

What is the effect of a decrease in the price of a product?

Select one:

a.It will decrease the demand.

b.It will decrease the quantity demanded.

c.It will increase the demand.

d.It will increase the quantity demanded.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

What does the elasticity coefficient refer to? Select one: a.It indicates the responsiveness of quantity demanded to a change in price. b.It is quantity demanded at any given price. c.It is price...

Q:

Fill in the blanks: a.The price elasticity of demand for a firm's product is equal to -1.75 over the range of prices being considered by the firm's manager. If the manager increases the price of the...

Q:

a). The price elasticity of demand for a firms product is equal to 2.25 over the range of prices being considered by the firms manager. If the manager increases the price of the product by 9 percent,...

Q:

Fill in the blanks: a. The price elasticity of demand for a firms product is equal to 2.25 over the range of prices being considered by the firms manager. If the manager increases the price of the...

Q:

What is the long term effect on the market if there is an increase in the price of resources? (hint - inputs costs have gone up) Select one: a.It will cause an increase in supply. b.It will cause a...

Q:

1When a country uses a pegged exchange rate, which of the following is true? Select one: a.It has monetary policy autonomy. b.It can insulate itself from exchange rate risk. c.It has no control on...

Q:

Question 1 A market demand curve is constructed by vertically summing individual demand curves. a)True b)False Question 2 Assuming that Chinese food and Thai food are substitutes, which of the...

Q:

Question 1 What do we know about the short-run supply curve for a firm in a perfectly competitive market? Select one: a.It is likely to be horizontal. b.It is likely to slope downward. c.It is...

Q:

A.)What will a monopoly do in the long run if its profits are below normal? Select one: a.It will reduce price b.It will increase quantity produced c.It will raise price d.It will go out of business...

Q:

1.1 Which statement is correct in regards to the circular flow of income and spending? (a) Exports are leakages from the circular flow. (b) Investment is a leakage from the circular flow. (c) Taxes...

Q:

The balance sheet information for Clorox Co. (CLX) in 20042005 is shown here (all values in thousands of dollars) (see MyFinanceLab for the data in Excel format): a. What change in the book value of...

Q:

The following information is available for October for Decko Company. Beginning inventory of $ 50,000 Net purchases 150,000 Net sales 300,000 Percentage markup on cost 66.67% A fire destroyed Deckos...

Q:

The arithmetic average of - 1 3 % , 1 9 % , and 2 7 % is _ 1 8 . 6 7 % 1 0 . 0 0 % | 1 4 . 3 3 % 1 1 . 0 0 % |

Q:

Consolidated Statement of Financial Position As of 3 1 December 2 0 X 5 Please help the empty boxes

Q:

Do not come to the conclusion too quickly

Q:

Engage everyone in the dialogue

Q:

1. Given your basic mental state, i.e. the state you often return to. Give this state a name that you recognize and that is easy to remember, such as irritability, frustration, joy, etc. Also give...