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The price and quantity at a point on the dem and curve of a good are given as 10 and 50 respectively.If the price is changed to 6 and as a result quantity changes to 65, how do you explain the change.
- a)Increases in demand for the good
- b)Decrease in quantity demanded
- c)Decrease in demand for the good
- d)Increase in quantity demanded
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
The price and quantity at a point on the dem and curve of a good are g...
When the change in quantity of a good is due to its price, it is known as change in quantity demanded. Here, because of reduction in price from 10 to 6, the quantity increased from 50 to 65. Therefore, it is increase in quantity demanded
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The price and quantity at a point on the dem and curve of a good are g...
Explanation:
Increase in Quantity Demanded:
- When the price of the good decreases from 10 to 6, it leads to an increase in quantity demanded from 50 to 65.
- This change is a movement along the demand curve, not a shift in the curve itself.
- The decrease in price causes consumers to purchase more of the good, resulting in an increase in quantity demanded.
Therefore, the correct explanation for the change in price from 10 to 6 and the resulting increase in quantity from 50 to 65 is an increase in quantity demanded.
Increase in Quantity Demanded:
- When the price of the good decreases from 10 to 6, it leads to an increase in quantity demanded from 50 to 65.
- This change is a movement along the demand curve, not a shift in the curve itself.
- The decrease in price causes consumers to purchase more of the good, resulting in an increase in quantity demanded.
Therefore, the correct explanation for the change in price from 10 to 6 and the resulting increase in quantity from 50 to 65 is an increase in quantity demanded.
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The price and quantity at a point on the dem and curve of a good are given as 10 and 50 respectively.If the price is changed to 6 and as a result quantity changes to 65, how do you explain the change.a)Increases in demand for the goodb)Decrease in quantity demandedc)Decrease in demand for the goodd)Increase in quantity demandedCorrect answer is option 'D'. Can you explain this answer?
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The price and quantity at a point on the dem and curve of a good are given as 10 and 50 respectively.If the price is changed to 6 and as a result quantity changes to 65, how do you explain the change.a)Increases in demand for the goodb)Decrease in quantity demandedc)Decrease in demand for the goodd)Increase in quantity demandedCorrect answer is option 'D'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about The price and quantity at a point on the dem and curve of a good are given as 10 and 50 respectively.If the price is changed to 6 and as a result quantity changes to 65, how do you explain the change.a)Increases in demand for the goodb)Decrease in quantity demandedc)Decrease in demand for the goodd)Increase in quantity demandedCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The price and quantity at a point on the dem and curve of a good are given as 10 and 50 respectively.If the price is changed to 6 and as a result quantity changes to 65, how do you explain the change.a)Increases in demand for the goodb)Decrease in quantity demandedc)Decrease in demand for the goodd)Increase in quantity demandedCorrect answer is option 'D'. Can you explain this answer?.
The price and quantity at a point on the dem and curve of a good are given as 10 and 50 respectively.If the price is changed to 6 and as a result quantity changes to 65, how do you explain the change.a)Increases in demand for the goodb)Decrease in quantity demandedc)Decrease in demand for the goodd)Increase in quantity demandedCorrect answer is option 'D'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about The price and quantity at a point on the dem and curve of a good are given as 10 and 50 respectively.If the price is changed to 6 and as a result quantity changes to 65, how do you explain the change.a)Increases in demand for the goodb)Decrease in quantity demandedc)Decrease in demand for the goodd)Increase in quantity demandedCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The price and quantity at a point on the dem and curve of a good are given as 10 and 50 respectively.If the price is changed to 6 and as a result quantity changes to 65, how do you explain the change.a)Increases in demand for the goodb)Decrease in quantity demandedc)Decrease in demand for the goodd)Increase in quantity demandedCorrect answer is option 'D'. Can you explain this answer?.
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