Jan heads to the store to buy burgers for dinner. Seeing a sale on hot dogs, she buys those instead. The change in her demand for burgers is due to which factor?
A. Prices of related goods
B. Preferences
C. Income
D. Number of buyers
Answer: A
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The price elasticity of demand for purses is measured in what units?
A) dollars B) purses C) dollars per purse D) The price elasticity of demand is a unitless measure.
At a given price level, a decrease in consumer credit will shift the aggregate demand curve:
A) rightward. B) leftward. C) both. D) none of the above.
The price elasticity of demand for a rental home in Luxury Resorts in the summer is 1.25 and is 2.25 in the spring. If Luxury Resorts faces a constant marginal cost of $500 per home rental, what is the profit-maximizing off-peak load price to charge in the spring?
A) $1,250 B) $500 C) $2,500 D) $900
In a market characterized by many buyers and one seller, investment in informative advertising by a seller can ____ the price of a commodity to customers and lower their _____ cost of acquiring information
a. decrease; sunk cost b. increase; transaction cost c. increase; sunk cost d. decrease; transaction cost