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Author Question: If a good is not produced, then there is no demand for it. Indicate whether the statement is true ... (Read 33 times)

SAVANNAHHOOPER23

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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

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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


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