1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Fofino [41]
3 years ago
14

What will happen to the equilibrium quantity and equilibrium price of potatoes if the income of potato consumers increases (assu

me that potatoes are an inferior good) and a new higher-yielding variety of potato plant is developed
Business
1 answer:
Elodia [21]3 years ago
4 0

Answer:

Equilibrium quantity and price will decrease

Explanation:

Inferior goods are the products or services whose demand increases with an increase in price. An Inferior good contracts a normal product whose demand falls with a rise in price. Should consumer's incomes increase, the demand for inferior products and services will decrease.

If potatoes are inferior goods, an increase in incomes will result in a decrease in their demand. The equilibrium quantity will decrease. If and a new higher-yielding variety of potato plant is developed, it will create competition for the inferior potatoes. With an increase in income, consumers tend to prefer 'perceived' high-quality and more costly products. The new higher-yielding variety will be demanded more, which will result in a decline in prices for the inferior potatoes.

You might be interested in
?an officer conducting a lineup should allow the defense attorney at the lineup to do all but which of the following?
myrzilka [38]
A<span>n officer conducting a lineup should allow the defense attorney at the lineup to do all but B. control any part of the proceedings.
This is what the officer himself or herself is doing - the defense attorney is not allowed to do such a thing. However, they can passively or actively observe the proceedings, take notes, or just record the proceedings in order to revise them later on.
</span>
3 0
3 years ago
Russell Company collected cash of $780 immediately after providing consulting services to a client. Which of the following gener
Andrej [43]

Answer:

Debit Utilities Expense 400

Credit Accounts Payable 400

Explanation:

7 0
3 years ago
What form of arbritration refers to situations where local representatives agree to comply with the arbitraters decision before
PilotLPTM [1.2K]

Answer:

binding arbitration

Explanation:

Both parties agree to be bound by the decision of the arbiter and follow the recommendations/obligations stipulated by the arbiter at the end of the process.

That bound of the two parties makes it a binding arbitration.

As opposed to a non-binding arbitration where the result cannot be enforced onto the parties, a bit like a mediation.  The result is more like a discussion starting point towards a negotiation of the end of the conflict.

8 0
3 years ago
If the Federal Reserve is late to recognize a recession and implements an expansionary policy too​ late, the result could be an
kherson [118]

Answer:

A. Procyclical policy.

Explanation:

Procyclical policy is basically is a government approach to increase goverment spending and reduces taxes while government is going through economic expansion.

4 0
3 years ago
Review on 5 more minutes by Scotty McCreery
Shtirlitz [24]

Answer:

ok

Explanation:

5 0
2 years ago
Read 2 more answers
Other questions:
  • You just received a loan offer from Mako Loans. The company is offering you $8,000 at 6.25 percent interest. The monthly payment
    10·1 answer
  • last month's balance on your credit account was $2,350. You paid off $865. What percentage of your original balance is left?
    7·1 answer
  • The County Commission of Canyon County adopted its General Fund budget for the year ending June 30, comprising estimated revenue
    12·1 answer
  • The advent of decentralized wastewater treatment systems (DEWATs) has reduced the marginal cost of abatement of pollution from s
    11·1 answer
  • Under MSRB rules, a registered representative is prohibited from sharing in the gains and losses of a customer's account unless
    15·1 answer
  • Ceria Republic is a country that has achieved rapid economic growth and prosperity over the last couple of decades as a result o
    14·1 answer
  • Suppose that you are at the end of your automobile lease. The leasing company has just informed you that the​ car's market value
    15·1 answer
  • President Bigego is running for re-election against Senator Pander. Bigego proclaims that more people are working now than when
    13·1 answer
  • A particular​ country's exports of goods are increasing exponentially. The value of the​ exports, t years after 2007​, can be ap
    8·1 answer
  • Mark Company’s balance sheet reported total assets of $754,000, which include: cash, $48,000; accounts receivable, $130,000; lan
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!