As price of good X increases, what happens to its demand curve? Keep an eye on correct option Select one: a. It shifts to the right. b. It shifts to the left. c. It rotates about its midpoint. d. It does not move. e. It is eliminated
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As price of good X increases, what happens to its demand curve? Keep an eye on correct option
Select one:
a. It shifts to the right.
b. It shifts to the left.
c. It rotates about its midpoint.
d. It does not move.
e. It is eliminated
Step by step
Solved in 3 steps
- If price will change, holding other factors constant, the following will happen in the market for a consumerSingle choice. a. There will be a change in quantity demanded. b. There will be a change in quantity supplied. c. There will be a change in demand. d. There will be a change in supply.Figure 4-6Refer to Figure 4-6. The movement from D’ to D could be caused by a. an increase in the price of a complement. b. a decrease in income, assuming the good is inferior. c. a decrease in price. d. buyers expecting the price of the good to fall in the near future.(9) What determines the utility an individual receives from consuming a good? Select one: a. The individual’s own preferences. b. The demand and supply curves for that good. c. The producers conducting customer feedback surveys of that good and the feedback provided. (10) Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price? Select one: a. 23% b. 30% c. 21%
- What demand structure do products which are urgently needed as necessities likely to possess. a. Elastic b. Inelastic c. relatively elastic d. perfectly inelastic If you have Marginal utility of 2 with a Total utility equals to 56, then when marginal utility is reduce to zero while Total utility remains the same, what does it mean? a. satisfaction diminishes b. TU is maximum c. Quantity diminishes d. Marginal utility is maximum If you have Marginal utility of 2 with a Total utility equals to 56, then when marginal utility is reduce to zero while Total utility remains the same, what does it mean? a. at 56 utils of MU equals zero, utility begins to gain momentum b. at 56 utils of MU equals zero, utility begins to diminish c. at 56 utils of MU equals zero. utility begins to increase d. at 56 utils of MU equals zero, utility begins to upswingIf the good is an older used version of the IPhone, .e.g. the IPhone 5 which costs less than $100 on Ebay. The good is inferior or normal? . If the good is the latest version of the IPhone which costs over $1000. The good is Normal or inferior? . If the good you are analyzing is eating out. The good is normal or inferior? If the good is Top Ramen, the good is normal or inferior?Activity 1. Answer the following questions: a. Illustrate and explain how consumer equilibrium is achieved using the indifference curve? b. How do we measure utility? Explain. c. Discuss how the demand elasticity of a product changes? Give examples.
- What if buyers in the market were to Decrease?Q.1.14 Utility from consuming a good is understood by economists to mean; (a) how often we consume the good.(b) how much satisfaction or benefit we get from consuming the good.(c) how much it costs to buy the good.(d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because:(a) supply slopes upwards.(b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.If the price of a good falls, before the amount consumed changes the marginal utility per dollar from that good a. might either increase or decrease depending on whether the good is a substitute or a complement. b. More information is needed to determine the answer. C. increases. d. decreases.
- suppose the price of an item icreases by 10% that the quanity supplied of that same item decreases by 2%. what does the value tell you about the good in question?Please derive mathematically the condition for consumer equilibrium then give a short intuitive on why you came up with that answer. Thank youThe law of diminishing marginal utility helps to explain the direct relationship between price and quantity supplied. a. True b. False
