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what is an example for prices of related goodfs
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What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
Price of related goods?
Demand for good or service increases if the price of related goods increases, and vice versa.
Why price and quantity demanded are inversely related?
Price is inversely related to quantity demanded because as price rises, consumers substitute other goods whose price has not risen.
How price of related goods affect demand?
Price of related goods fall into two categories: substitutes and complements. Complements are when a price decrease in one good increases the demand of another good. Substitutes are when a price decrease in one good decreases the demand for another good.
Is the aggregate demand for goods and services inversely related to the price level?
yes
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
Price of related goods?
Demand for good or service increases if the price of related goods increases, and vice versa.
Why price and quantity demanded are inversely related?
Price is inversely related to quantity demanded because as price rises, consumers substitute other goods whose price has not risen.
How price of related goods affect demand?
Price of related goods fall into two categories: substitutes and complements. Complements are when a price decrease in one good increases the demand of another good. Substitutes are when a price decrease in one good decreases the demand for another good.
Is the aggregate demand for goods and services inversely related to the price level?
yes
What factors shift the demand curve?
the price of the good, customer income,tastes, expectations,number of buyers,price of related goods.
What are 3 problems of allocating goods and services using nonprice-related methods?
The three problems of allocating goods and services using the non-price related methods is that it may lead to the exploitation of the customers, price fixing and may lead to huge loses.
When the price of a capital good increases what happens to the price of related consumer goods and services?
Prices increase due to the increase in production costs.
Define change in demand?
Demand relies on popularity, price of related goods, population, and disposable income.
What does it mean for economic variables to positively related?
if two variables are positively related,it means that the two variables change in the same direction.that is,if the value of one of the variables increases,the value of the other variable too will increase.for example,if employment as an economic variable increases in a country,and price of goods too increases then we can say that these two variables(employment and price) are positively related
Factors affecting to demand and supply in tourism industry?
prices of goods and servicesincome of consumersprices related to goods and servicesexpected future price of productsnumber of consumers in a market
What are the determinant of supply?
The determinant of supply can be listed as follows: - goal of the firm - price of the goods - price of inputs - technology - price of related goods - expectation of producers - government policy
