« previous next »

Author Question: If a good is not produced, then there is no demand for it. Indicate whether the statement is true ... (Read 43 times)

SAVANNAHHOOPER23

  • Hero Member
  • *****
  • Posts: 542
on: Jul 1, 2018
If a good is not produced, then there is no demand for it.
 
  Indicate whether the statement is true or false

Question 2

Suppose the market demand curve for apples can be expressed as QD = 220 - 2P - Pb + 0.2Y, where QD is the quantity of apples demanded, P is the price of an apple, Pb is the price of a banana, and Y is the average annual household income in thousands of dollars. What is the change in the quantity demanded of apples if the income increases by 10,000?
 
  A) 220 apples
  B) 2 apples
  C) 40 apples
  D) Not enough information to answer the question.


Galvarado142

  • Sr. Member
  • ****
  • Posts: 348
Reply #1 on: Jul 1, 2018
Answer to Question 1

False. The demand for a product is independent of its supply. It is possible that people want to buy some of the product but at prices that are below what sellers would require to begin production.

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Upper Paleolithic stone tools include blade-based tools as seen here being produced from a blade cor Upper Paleolithic stone tools include blade-based tools as seen here being produced from a blade cor
Which of the following statements is true of linkage? Which of the following statements is true of linkage?
Touch the test light to the negative (–) terminal of the battery or a good engine ground to check ... Touch the test light to the negative (–) terminal of the battery or a good engine ground to check ...
Good body mechanics for lifting heavy objects. Good body mechanics for lifting heavy objects.
The original Supply and Demand graph The original Supply and Demand graph
A diagram showing one of Mendel’s crosses. True-breeding strains of pea plants with smooth and ... A diagram showing one of Mendel’s crosses. True-breeding strains of pea plants with smooth and ...
Video: Power Supply Polyacrylamide Gel Protein Sample

For a complete list of videos, visit our video library