1.)A higher price reduces the quantity demanded for a product because: a.)Indivi

Question

1.)A higher price reduces the quantity demanded for a product because: a.)Individuals can afford less of the product and will switch to substitutes b.)The financial assets of individuals increase c.)Individuals will buy more of the product and less of its substitutes d.)The purchasing power of individuals increases 2.)A television station reports that the price of orange juice has declined but the quantity traded has increased. This situation could be caused by a(n): a.)Increased preference for orange juice among buyers b.)Decrease in income, and orange juice is a normal good c.)Significant decrease in the harvest of oranges in the nation's orchards d.)Improvement in the technology of producing orange juice If you could explain why that would be great!

Explanation / Answer

a.)Individuals can afford less of the product and will switch to substitutes

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