« previous next »

Author Question: If a good is not produced, then there is no demand for it. Indicate whether the statement is true ... (Read 38 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?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

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?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Spiral Produced by twisting stresses that are spread along the length of a bone (note the break in t Spiral Produced by twisting stresses that are spread along the length of a bone (note the break in t
Carrots are a good source of vitamin A Carrots are a good source of vitamin A
Humburger is a good source of niacin , vitamin B6 and pantothenic acid Humburger is a good source of niacin , vitamin B6 and pantothenic acid
Find the factor demand for labour and the amount of output it will produce. Show all ... Find the factor demand for labour and the amount of output it will produce. Show all ...
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 ...
Maple syrup is produced by evaporating most of the water from sap collected from maple trees in Maple syrup is produced by evaporating most of the water from sap collected from maple trees in
Video: Adolescent Diabetes

For a complete list of videos, visit our video library