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What happens to demand when the following changes occur? The price of the commodity rises. Income decreases and the commodity is normal. Income decreases and the commodity is inferior. The price of a complement good increases. The price of a substitute good decreases.

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13 Feb 2018
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Related questions

Which of the following defines the law of demand?
 
a) the lower the price of a commodity, the lower the quantity demanded of that commodity
b) as the price of a commodity increase, the quantity demanded of the commodity also increases
c)  the lower the price of a commodity, the greater the quantity demanded of that commodity
d) the lower the price of a commodity, the greater the quantity supplied of that commodity
e) the quantity demanded of a particular good decreases with an increase in the price of a substitute good

Which of the following would cause the demand curve to shift to the right?

a. The price of a substitute decreases.

b. The price of a complement increases.

c. Income decreases for an inferior good.

d. Tastes and preferences decrease.

e. Income decreases for a normal good.

Other things being equal, the law of demand suggests that as:

 

A. Demand for a commodity increase when the price of commodity increases

B. Demand for a commodity increases when the price of commodity decreases.

C. Demand increases due to an increase in consumer income.

D.When consumer expectations increase it will lead to a decrease in demand.

 

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