_1. In presenting the idea of ademand curve, economist, presume the most importa
ID: 1120237 • Letter: #
Question
_1. In presenting the idea of ademand curve, economist, presume the most important variab determining the quantity demanded is A the price of the product itself B. consumer income. C the prices of related goods D. consumer tastes. 2. An increase in the price of a product will reduce the amount of it purchased beca supply curves are upsloping. A. B. C. consumers will substitute other products for the one whose price has risen. the higher price means that real incomes have risen. D. consumers substitute relatively high-priced for relatively low-priced prod 3. An economist for a bicycle company predicts that, other things equal, incomes will increase the demand for bicycles. This prediction assumes A. there are many goods that are substitutes for bicycles. B. there are many goods that are complementary to bicycles. C. there are few goods that are substitutes for bicycles. D bicycles are normal goods.Explanation / Answer
1. Option A. The price of the product itself.
Explanation: The demand curve shows the relationship between price and quantity demanded. It is downward sloping, which means quantity demanded of a product has an inverse relation with the price of the product.
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