7.
How can the demand for one good be affected by increased demand for another one?
a) When goods are bought together, increased demand for one will decrease demand for the other.
b) If goods are used together, increased demand for one will increase demand for the other.
c) If goods are substitutes for each other, increased demand for one will increase demand for the other.
d) A drop in price for a good will increase demand for the good and its substitute.
8.
How does the price range affect the elasticity of demand for a product?
a) Demand for all goods is elastic if the price is low enough.
b) Demand for a good can be elastic at a low price but inelastic at a high price.
c) Demand for a good can be inelastic at a low price, but elastic at a high price.
d) Price range has little or no effect on elasticity of demand for a good.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “7. How can the demand for one good be affected by increased demand for another one? a) When goods are bought together, increased demand for ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
How do local governments manage their money?
Answers (1)
As attorneys who share equal ownership, profits, and losses in their firm, raymond james and alexander doss have opted for which legal form of business ownership?
Answers (1)
Imagine that you calculate the inflation rate of some economy using the CPI. You get that inflation in 2008 was 22.4%, in 2009 was 12.5% and in 2010 was 3.9%.
Answers (1)
Fremont Enterprises has an expected return of 12 % and Laurelhurst News has an expected return of 24 %. If you put 56 % of your portfolio in Laurelhurst and 44 % in Fremont, what is the expected return of your portfolio?
Answers (1)
Operating in the southwestern states, lancer airlines hopes to avoid entering the price war that currently is taking place between several airlines on the east coast. the best strategy to avoid severe price competition is to:
Answers (2)
New Questions in Business
Locus Company has total fixed costs of $117,500. Its product sells for $53 per unit and variable costs amount to $43 per unit. Next year Locus Company wishes to earn a pretax income that equals 10% of fixed costs.
Answers (1)
Menu costs refers to a. the distortion in incentives created by inflation when taxes do not adjust for inflation. b. resources used by people to maintain lower money holdings when inflation is high. c.
Answers (1)
Consider once again the project with the cash flows described below. Determine whether this is a simple or non - simple investment AND how many possible values of i * exist using the Accumulated Cash Flow Sign Test.
Answers (1)
Which of the following goods best fit the characteristics of a private good? a. national defense b. fire protection c. an ice-cream cone d. a professor giving a lecture in a large classroom e. disease prevention
Answers (1)
Zwick Company bought 26,500 shares of the voting common stock of Handy Corporation in January 2018. In December, Handy announced $ 205,200 net income for 2018 and declared and paid a cash dividend of $ 6 per share on all 203,000 shares of its
Answers (1)