Answer:
The correct answer is letter "C": a fall in the price of tennis balls.
Explanation:
The demand law explains the relationship between the price of a product and its quantity demanded. As the price increases, the quantity demanded decreases moving the demand curve to the left. As price decreases, the quantity demanded decreases, moving the demand curve to the right.
Therefore, <em>if the demand curve for tennis balls moves to the right, the price has fallen increasing the quantity demanded.</em>
Answer:
d) all of the above.
Explanation:
All of the above statement correspond to different definitions of demand that economists use on a daily base.
Statement A) refers to aggregate demand, which is roughly equivalent to GDP.
Statement A.2) refers to demand schedule, which is also simply referred to as demand in the press, or in informal contexts.
Statement B) refers to an equilibrium quantity demanded, which occurs when supply and demand meet under an equilibrium price.
Statement C) refers to quantity demanded because it is not always relevant, when talking about demand, whether the good demanded is a necessity or a luxury.
Answer:
$164.29
Explanation:
The formula to compute the markup percentage is shown below:
Markup percentage = (Sale price - purchase price) ÷ (purchase price)
where,
Markup percentage is 40%
Sale price is $230
So, the purchase price is
0.40 = ($230 - purchase price) ÷ (purchase price)
0.40 × purchase price = $230 - purchase price
So, the purchase price is
= $230 ÷ 1.40
= $164.29