Question : Which of the following would be the change in quantity of a product that people would buy?
Option 1: Variations in the cost of related goods
Option 2: Shifting consumer preferences
Option 3: Boosting consumer spending
Option 4: Declining product prices
Correct Answer: Declining product prices
Solution : A decrease in the cost of the good leads to an increase in the amount required where an increase in the cost of the good leads to a decrease in the amount required. Hence option d is the correct answer.
Question : The substitution effect is related to changes in:
Question : -----is nothing more than consumers' willingness to buy goods and services according to their preferences, needs, and budget.
Question : Which of the following is not included in the calculation of GDP?
Question : Which of the following is included in the calculation of GDP?
Question : “Change in demand” occurs due to the change in:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile