0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is a good that consumers will demand more of when their income increase?
food
Type of demand in which consumers keep buying a good despite a price increase?
Inelastic :)
Which is not a reason for the government to provide a good or service as a public good?
Having more consumers would increase a private providers cost.
If the demand for a good is inelastic and the price of the good decreases?
Increase. Inelastic demand means that most consumers will continue to buy a good regardless of price.
When consumers react to an increase in a goods price by consuming less of that good and more of another it is called the?
Substitution effect
What is a good that consumers will demand more of when their income increase?
food
What culture contribute to the preferences and behaviors of consumers?
value and belief
What does culture contribute to the preferences and behaviors of consumers?
Culture shapes consumers' preferences and behaviors by influencing their values, beliefs, and norms. It determines what is considered desirable or acceptable in a society. Cultural factors such as language, symbols, rituals, and traditions play a significant role in shaping consumer decisions and choices.
Type of demand in which consumers keep buying a good despite a price increase?
Inelastic :)
What has the author Pamela B Hitschler written?
Pamela B. Hitschler has written: 'Spending by older consumers' -- subject(s): Statistics, Aged consumers, Consumers' preferences, Consumers
When the price of a capital good increases what happens to the prices of related consumers goods and services?
Prices increase due to the increase in production costs.
What results from the fact that consumers do not limit themselves to one type of organism for food?
Multiple markets are a result of different preferences in food. Often times advertisers must appeal to the consumers preferences in order to sell product.
Which is not a reason for the government to provide a good or service as a public good?
Having more consumers would increase a private providers cost.
If the demand for a good is inelastic and the price of the good decreases?
Increase. Inelastic demand means that most consumers will continue to buy a good regardless of price.
What are the Assumptions of law of DMU?
1. the good is a normal good 2. the good is purchased within a definite time frame 3. the good is not addictive or a medicine 4. the consumers tastes/preferences do not change 5. the consumer is rational
Which of the following is NOT a reason for the government to provide a good or service as a public good?
Increasing the number of consumers would increase the cost to a private provider.
Find at least two specific current examples of non-price determinants that shift demand in the market?
There are a number of non-price determinants that can shift demand in a market. Some of the most common include changes in income, changes in prices of complementary or substitute goods, changes in consumer tastes or preferences, and changes in the number of consumers in the market. For example, an increase in income will lead to an increase in demand for most goods and services. This is because as consumers have more money to spend, they are able to purchase more of the things they want and need. A change in the price of a complementary good, such as a decrease in the price of gasoline, will also lead to an increase in demand for automobiles. This is because consumers will have more money to spend on automobiles if the price of gasoline is lower. Similarly, a change in the price of a substitute good, such as an increase in the price of coffee, will lead to a decrease in demand for tea. This is because consumers will substitute coffee for tea if coffee becomes relatively more expensive. Finally, changes in consumer tastes or preferences can also lead to changes in demand. For example, if more consumers become interested in healthy eating, there will be an increase in demand for fruits and vegetables. Conversely, if more consumers become interested in fast food, there will be an increase in demand for hamburgers and fries.
