All categories

3 years ago

The law of demand results from which two patterns of behavior?

Social Studies

2 answers:

ludmilkaskok [199]3 years ago

6 0

The correct answer is the following: "substitution effect and income effect".

The demand function represents the quantity of a certain good or service that consumers are willing to purchase in the market at different price levels. The law of demand states that there is an inverse relationship between price and quantity demanded (ceteris paribus, hence, given that the rest remains equal). Therefore, when the price charged increases, the amount that consumers are willing to offer decreases.

The variation of the quantity, due to the price variation, takes place because of the joint incidence of two effects: the effect of the variation of the relative price if compared to other goods (substitution effect) and the effect on the consumer's income as, if the price of a desired or purchased product has increased, the consumer's available income will decrease (income effect).

Dominik [7]3 years ago

6 0

Answer:

substitution effect and income effect

Explanation:

Simply put, the law of demand states that if all other factors remain constant, if a price of a good is higher, fewer people will demand it. As the price of this good falls, the amount of good that the market will demand will increase. That is, the law of demand indicates that under normal conditions in a market, the quantity demanded is inversely proportional to the price of the good in question. That is, if a product has a low price, it will probably have a great demand.

Accordingly, we can state that the law of demand results from the substitution effect and the income effect.

You might be interested in

Findings from a longitudinal study in the U.S. found that low SES in adolescence was linked to having a higher level of ______ a

tigry1 [53]

Findings from a longitudinal study in the U.S. found that low SES in adolescence was linked to having a higher level of depressive symptoms at age 54 for women.

A health appraisal procedure can be defined as a strategic process in health. that typically involves series of procedure that are used to assess (determine) the health status of an individual, employee or student.

In the U.S, many organizations use a health appraisal procedure to assess (determine) the health status of various individuals by using the following:

Screening test.

Observation.

Student's health histories.

Psychological evaluation.

Dental checks.

Medical evaluation.

4 0

2 years ago

Cotton and slavery formed the basis of society in the: Midwest Northeast South

Len [333]

The correct answer is the South

6 0

2 years ago

Read 2 more answers

List 3 things that Hamilton proposed for the economy in 1790 and how was he able to secure the passage of his financial plan for

zheka24 [161]

Foreign Debts

The first element called for paying off in full the loans that foreign governments had made to the Continental Congress during the Revolution.The second element was more controversial. This was Hamilton's proposal for repaying the debts that the Continental Congress and the Confederation government had incurred by borrowing domestically—that is, from individuals and American state governments.

6 0

2 years ago

During the ratification debate, Anti Federalists such as James Madison favored a stronger national government while Federalists

77julia77 [94]

Answer:

False.

Explanation:

The Anti-Federalists were afraid of a too powerful central government and refused to endorse the 1787 Constitution. They preferred a looser confederation like the one created by the Articles of Confederation. On the other side, the Federalists proposed and believed in a strong federal government. James Madison was a Federalist and one of the authors of the Federalist Papers.

5 0

2 years ago

When pre-schoolers were forbidden to play with a very attractive toy, some received mild threats of punishment and others receiv

patriot [66]

Answer: Insufficient external justification; more dissonance

Explanation:

insufficient justification effect:

Describes that in some cases people will go against their own person belief in order to partake in a particular action of behaviour because there is a promise of a small reward versus large reward but reject an activity if it associated with a mild threat versus a sever threat.

Insufficient external justification occurs when a person doesn't have enough justification why they couldn't do something they desired to do.

Cognitive dissonance defines the conflict that exist within someone as they struggle with whether to get involved with the behaviour that goes against their beliefs or attitudes and they may mentally try to adjust their attitudes, behaviour or beliefs in order to establish balance.

6 0

2 years ago