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What describes a situation that would tend to raise the price of goods?
Scarce natural resources make it more difficult for producers to keep up with demand.
When supplies of goods and service become plentiful price tend to rise T or F?
true
What happens to the equilibrium price when supply goes down?
When supply goes down the equilibrium price tend also to fallcausing the price of commodities to fall and hence shortage of goods and services to the economy.
When consumers get more money they tend to substitute normal goods for what goods?
When consumers get more money, they tend to substitute normal goods for _inferior_ goods.
When consumers get more money they tend to substitute normal goods for goods?
inferior
What describes a situation that would tend to raise the price of goods?
Scarce natural resources make it more difficult for producers to keep up with demand.
When supplies of goods and service become plentiful price tend to rise T or F?
true
What happens to the equilibrium price when supply goes down?
When supply goes down the equilibrium price tend also to fallcausing the price of commodities to fall and hence shortage of goods and services to the economy.
When consumers get more money they tend to substitute normal goods for what goods?
When consumers get more money, they tend to substitute normal goods for _inferior_ goods.
When consumers get more money they tend to substitute normal goods for goods?
inferior
Does strong acids tend to raise pH?
yes
Why would the price of a product made with scarce natural resources tend to be high or low?
High.
Luxury goods like Dom Perignon champagne tend to have demand curves?
Luxury goods like Dom Perignon champagne tend to have ______ demand curves.
Why does demand for substitutes tend to move in the opposite direction from each other?
Answer this question… A. When the price of a good goes up, consumers shift their demand to its substitute. B. Substitute goods have perfect unit elasticity for each other. C. Substitute goods tend to have inelastic demand. D. One of the substitutes is usually elastic, while the other is inelastic.
Will a monopolist charge a lower price where demand is price elastic and a higher price where demand is price inelastic?
Yes. A monopolist would tend to charge a price closer to fair market value when the demand for a good is elastic. If not demand would be affected. With a monopoly controlled inelastic good the consumer has no recourse and there for would be and the mercy of the supplier.
Foods high in saturated fats tend to raise?
Blood Cholesterol
When consumers get more money they tend to substitute what kind of goods for normal goods?
Consumers with more money are more likely to purchase luxury goods.
