ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No, according to the demand curve, a price increase results in a demand increase.
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Yes, according to the demand curve, a price increase results in a demand decrease.
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No, a non-price factor is increasing the demand and causing the demand curve to shift right.
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Yes, a non-price factor is increasing the demand and causing the demand curve to shift left.
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Detailed explanation-1: -Before Thanksgiving, the price of turkeys increase and the demand also increases. Is this a violation of the law of demand? No, according to the demand curve, a price increase results in a demand increase.
Detailed explanation-2: -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-3: -Demand Increase: price increases, quantity increases. Demand Decrease: price decreases, quantity decreases. Supply Increase: price decreases, quantity increases. Supply Decrease: price increases, quantity decreases.
Detailed explanation-4: -Answer and Explanation: The answer is d. a change in the price of a turkey.