ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The supply of robotic sandwich stuffers decreases
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The quantity supplied of robotic sandwich stuffers increases
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The demand for the stuffing used by sandwich stuffers decreases
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The demand for robotic sandwich stuffers decreases
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The quantity demanded of robotic sandwich stuffers increases.
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Detailed explanation-1: -According to the law of demand, what happens when the price of a robotic sandwich stuffer decreases? The quantity demanded of robotic sandwich stuffers increases.
Detailed explanation-2: -If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.
Detailed explanation-3: -Increased prices typically result in lower demand, and demand increases generally lead to increased supply. However, the supply of different products responds to demand differently, with some products’ demand being less sensitive to prices than others.
Detailed explanation-4: -The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded. Demand curves and demand schedules are tools used to summarize the relationship between quantity demanded and price.
Detailed explanation-5: -Changes in factors like average income and preferences can cause an entire demand curve to shift right or left. This causes a higher or lower quantity to be demanded at a given price. Ceteris paribus assumption. Demand curves relate the prices and quantities demanded assuming no other factors change.