Asked by
Jackson Avery
on Oct 26, 2024
Verified
The demand for a good will increase if:
A) there is a decrease in the price of the good.
B) the price of inputs needed in the production of the good decrease.
C) there is an increase in the number of consumers in this market.
D) the price of a complementary good increases.
Demand Increase
A situation where there is a higher quantity of a good or service desired at each price level, often depicted as a rightward shift of the demand curve.
Price Of Inputs
The cost associated with acquiring the raw materials or factors used in the production of goods and services.
Number Of Consumers
The total count of individuals or entities that purchase or are potential purchasers of goods and services in a given market.
- Gain an understanding of the consequences that shifts in determinants like income levels and prices of complementary goods have on demand.
Verified Answer
LA
Learning Objectives
- Gain an understanding of the consequences that shifts in determinants like income levels and prices of complementary goods have on demand.