Given a normal market demand curve for leather wallets and purses, if people find that backpacks are a better option, then there is an increase in demand for leather wallets and purses. there is a decrease in demand for leather wallets and purses. there is a decrease in the quantity demanded for leather wallets and purses. there is an increase in the quantity demanded for leather wallets and purses. cannot be determined from information given.

Question

Romeo Zuniga

Business

6 August, 07:44

Given a normal market demand curve for leather wallets and purses, if people find that backpacks are a better option, then there is an increase in demand for leather wallets and purses. there is a decrease in demand for leather wallets and purses. there is a decrease in the quantity demanded for leather wallets and purses. there is an increase in the quantity demanded for leather wallets and purses. cannot be determined from information given.

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Bentley Glass · Answer 1

If in a normal market people discover backpacks as a better alternative to leather wallets and purses then the demand for backpacks will rise while the demand for leather purses and wallets will decrease. While a small market may remain for leather wallets and purses the quantity of goods demanded will follow the lead of the consumers pockets.