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If the price of a product goes up by 10 percent and the quantity demanded goes up by the 20 percent the product is an inferior good.?
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∙ 10y ago
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∙ 10y ago
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The quantity of a product that will be purchased at a given price is the?
quantity demanded
What are exceptional goods in economics?
Exceptional goods are those which do not follow Law of Demand which states that "as the price of a particular good goes up, its quantity demanded decreases". They are of three types- Inferior Goods- where quantity demanded goes down when the income of the consumer increases. eg. Cheap Rubber Shoes Giffen Goods is a case of inferior goods where quantity demanded goes up as price increases. eg staple food, rice wheat etc. Veblen Goods- quantity demanded increases with increase in price of the product. eg- designer goods, artifacts etc.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
When the price of a product is increased the quantity demanded decreases demand for this product is?
when the price of product increased the porchasing powre of consumer is foll so he will decreases his quantity demand for that product.
The quantity of a product that will be purchased at a given price is the?
quantity demanded
What are exceptional goods in economics?
Exceptional goods are those which do not follow Law of Demand which states that "as the price of a particular good goes up, its quantity demanded decreases". They are of three types- Inferior Goods- where quantity demanded goes down when the income of the consumer increases. eg. Cheap Rubber Shoes Giffen Goods is a case of inferior goods where quantity demanded goes up as price increases. eg staple food, rice wheat etc. Veblen Goods- quantity demanded increases with increase in price of the product. eg- designer goods, artifacts etc.
When is there a shortage in a market for a product?
Quantity demanded is less than quantity supplied.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
When the price of a product is increased the quantity demanded decreases demand for this product is?
when the price of product increased the porchasing powre of consumer is foll so he will decreases his quantity demand for that product.
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
What is market clearing price?
Market clearing price is the price at which the quantity demanded of a product equals the quantity supplied.
When there is a change in the quantity demanded what happens to the demand curve?
Decrease in quantity demanded usually results from an increase in price and vice versa. When the price of a product increases, the demand curve itself is not affected. However, the quantity demanded decreases to a higher point along the demand curve.
What is quantity demanded?
Quantity demanded (QS) is the amount of a product or service wanted by the market. QS is corresponded to quantity supplied (QS) that regards how much of the what is wanted is actually offered. When QD equals QS the market is said to be at equilibrium.
Percent yield is the quantity of product actually produced compared with what quantity?
The theoretical amount of product produced.
Why do people buy more of something at lower prices and less at higher prices?
the law of demand. an inverse relationship between the quantity demanded and the price of the product (the lower the price the higher the quantity demanded).
