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2 years ago

For a normal good, an increase in consumer income will cause the market demand for the product to:

Business

1 answer:

elixir [45]2 years ago

8 0

Answer:

d. increase, which is a shift to the right of the demand curve.

Explanation:

A rise in consumer's income increases the demand for a normal good. In other words, as people's income increase, the consumption of normal goods goes up. Consumers consider a normal good as a product or service with high utility value.

The demand curve shows the relationship between price and demand for a commodity. A change in price causes movement along the demand curve. When demand changes, the demand curves shift its position in the graph. The demand curve will shifts to the right if the demand increases. A decrease in demand is when less of a commodity is ordered and causes the demand curve to shift inwards or to the left.

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How a feasibility report should be written:

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2 years ago

Richard Redden, the sole stockholder, contributed $71,000 in cash and land worth $132,000 in exchange for common stock to open a

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2 years ago

When some firms enter a perfectly competitive industry in which firms are earning an economic profit, the short-run industry sup

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Answer: Supply curve - Increases rightwards

Market Price - Falls

Economic Profit - Decreases

Explanation: Perfect Competition market structure is with large number of buyers & sellers , homogeneous products & uniform prices , perfect information and free entry and exit.

'Free Entry and Exit' implies - no firm earns super normal (economic) profits or abnormal losses in long run. When firms are earning economic profits in short run, new firms enter (because of free entry) & the industry supply increase reducing price , which further reduces the super normal profits to normal profits in long run. Similarly - Abnormal losses make firms exit (freely), reduce supply & increase price , hence reducing abnormal losses & resuming normal profits.

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