17/20 Question7 Demand curves, regardless of what product they are representing,

Question

17/20 Question7 Demand curves, regardless of what product they are representing,almost always Select the correct answer below O slope upward O slope downward CONTENT FEEDBACK curve 0 are straight lines Content attribution Question 8 Which of the following factors will affect the overall supply of hats in the entire market? Select all that apply: CONTENT FEEDBACK higher textile costs a decrease in overall consumer income lower prices for trademarked logos a drop in the price of a competitor's hats Content attribution

Explanation / Answer

Question 7: D) are straight lines
(Demand curve for normal goods slope downwards whereas demand curve for giffen goods slope upwards but it is almost always a straight line)

Question 8: A) higher textile costs
(Higher textile costs will affect the cost of production of hats and thereby will affect the overall supply of hats in the market. Decrease in consumer income and drop in the price of competitor's hats will affect the demand of hats)

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