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3 years ago

How do substitutes affect demand?

1 answer:

OverLord2011 [107]3 years ago

3 0

With the increase or decrease of the prices of substitutes, the demand of the substitute goods also decreases or increases.

Explanation:

Substitutes are the products which can be used in place of another product. For example, a cup of coffee can be taken instead of a cup of tea, or Coke can be taken instead of Pepsi.

Change in the price of Substitutes can affect the demand of other substitutes. If the price of a product increases, then the demand of its substitute increases, and if the price of the product decreases, then the demand of its substitute also decreases.

We can understand this relation with an example. Suppose the product is tea. The substitute of tea is coffee. If the price of tea increases, then people will definitely move towards the substitute, which is coffee. This will increase the demand for coffee. Similarly, if the price of tea decreases, people will buy more tea than coffee, which will decrease the demand for coffee. This is how the substitutes affect demand of each other.

Learn more about substitutes at:

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A philosophy developed by Arab scholars was the belief that God’s love can be found through a personal relationship with God. Th

Sergio039 [100]

Answer:

Sufism

Explanation:

A philosophy developed by Arab scholars was the belief that God’s love can be found through a personal relationship with God is called sufism.

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3 years ago

Which perspective, or paradigm, do you think is the most interesting way to view and observe social interactions? Respond in thr

Zarrin [17]

The correct answer to this open question is the following.

The perspective, or paradigm, that I think is the most interesting way to view and observe social interactions is the following.

I consider that the most interesting perspective is the functionalist perspective. This perspective sees every aspect of society as an independent component that when joined together with the other components, makes society function as a whole. All the elements of society play an important role or exert a key function that can be related to other functions.

Some sociologists have established the concept of the social contract to show that these social components should be in balance in order for society to work well.

Members of society share norms, customs, perceptions, and ideas and intermingle respecting and being tolerant with all of these ideas.

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2 years ago

Tom strongly believes that raising tax rates for the rich is the only way to steer the economy out of recession, as it is likely

Tomtit [17]

Tom refused to accept Sam's input and change his attitude. Interestingly, the input provided by Sam further strengthened Tom's initial attitude. This is an example of a: contrast effect.

Explanation:

A contrast effect is the term used in psychology to explain the aggravation or decline, cognition or related performance as a result of consecutive or simultaneous exposure to a stimulus of lesser or greater value in the same dimension.

The type of contrast depends upon the how the participant considers a situation. There are two types of contrast effect. They are

i) Positive contrast effect

ii) Negative contrast effect

In the above scenario, Tom and Sam were discussing about the tax rates. Conflict arises between them when Sam objects Tom’s view on tax rates. Tom got aggravated and strengthened his attitude.

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3 years ago

In a variation of his standard experiment, Solomon Asch (1957) found that when participants could write their responses on a pie

Naily [24]

Answer:

The correct answer is: a. Public compliance; private acceptance.

Explanation:

Public compliance can be understood as the social phenomena that occur when a group of people superficially agree on a particular thing, usually to get social approval.

Private acceptance can be understood as a more personal change in attitude that individuals experience when they are fundamentally convinced of something they may have not seen before, but do not express it loudly and socially.

In this particular case, when the participants of the standard experiments were able to write their responses on a piece of paper, conformity dropped dramatically. This means that during the experiments the level of public compliace were high while the levels of private acceptance were low.

In conclusion, the correct answer is a. Public compliance; private acceptance.

7 0

3 years ago

All of the following have an affect on supply EXCEPT:

TiliK225 [7]

Answer:

Price isn't the only thing that affects the quantity supplied. ... If all else is not held equal, then the laws of supply and demand will not necessarily hold. The rest of article ... Which direction would this rise in cost cause the supply curve to shift? ..... 3) Technology 4) Gov. Regulation So which factors should i follow or refer to?

Explanation:

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3 years ago