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Total expenditures are determined by what?

Dividing the change in demand for the product by its change in price. e=(change in demand)%/(change in price)%


What happens if a product's price decreases?

The product costs less.


Explain how a change in price affects the demand for a product substitutes?

The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.


What is price sensitive product?

A product that when it's price is changed results in a bigger change in demand


What happens when the supply of a product decreases?

Price increses


If price rises what happens to supply for a product?

it rises


What happens when the supply of product decreases?

Price increses


Change in market price?

Changes in the market price is determined by demand of a product. If consumers demand the product, then the price will increase.


What happens to a product when it reaches the recycling stage?

It fall's in price


What usually happens to prices when there is a demand for a product?

The price is raised.


Does a change in consumers' tastes lead to a movement along the demand curve or a shift in the demand curve?

A change in consumer's tastes leads to a shift in the demand curve. A change in price leads to a movement along the demand curve.


Does the change in consumer tastes lead to a movement along the demand curve or a shift in the demand curve?

A change in consumer's tastes leads to a shift in the demand curve. A change in price leads to a movement along the demand curve.