« previous next »

Author Question: If a good is not produced, then there is no demand for it. Indicate whether the statement is true ... (Read 34 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?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

A good Mnemonic to know Mg K Ca Na A good Mnemonic to know Mg K Ca Na
The medical assisting profession offers many settings in which to pursue your career. Good communica The medical assisting profession offers many settings in which to pursue your career. Good communica
An engine in good mechanical condition should produce 17 to 21 inches Hg of vacuum at idle at sea ... An engine in good mechanical condition should produce 17 to 21 inches Hg of vacuum at idle at sea ...
Checking the voltage drop between the TP sensor ground and a good engine ground with the ignition ... Checking the voltage drop between the TP sensor ground and a good engine ground with the ignition ...
To help make good electrical contact with the terminals without doing any harm, select the ... To help make good electrical contact with the terminals without doing any harm, select the ...
The learning and retention of the mirrordrawing task by H.M. Despite his good retention of the task, ... The learning and retention of the mirrordrawing task by H.M. Despite his good retention of the task, ...
Video: Enzyme structure - Properties of enzymes

For a complete list of videos, visit our video library