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Umnica [9.8K]
3 years ago
11

"Because apples and oranges are substitutes, an increase in the price of or¬anges will cause the demand for apples to increase.

This initial shift in demand for apples results in a higher price for apples; this higher price will cause the demand curve for apples to shift to the right." Which of the follow¬ing correctly comments on this statement?a. The statement is false because a change in the price of apples would not change the demand for apples.b. The statement is false because one cannot assume that apples and oranges are substitutes for all consumers.c. The statement will be true, if consumer tastes for apples and oranges do not change.d. The statement is false because oranges are inferior goods; apples are normal goods.
Business
1 answer:
irinina [24]3 years ago
7 0

Answer:

The correct answer is option a.

Explanation:

Apples and oranges are substitutes. An increase in the price of oranges will cause the demand for apples to increase. This is because people will prefer a cheaper substitute. This increase in the demand for apples will cause its demand curve to shift to the right.

The rightward shift in the demand curve will cause the equilibrium price to increase. But this change in price will not cause a change in demand. The change in price affects only the quantity demanded. Change in demand happens because of a change in other factors.

So, the given statement is not correct.

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Every year a new version of the flu vaccine is made using a mixture of strains. The strains are chosen based on surveillance and
ladessa [460]
I believe the answer is b
5 0
3 years ago
You purchased a share of stock for $50. Two years later you received $2 as dividend and sold the share for $59. What was your ho
grigory [225]

Answer:

The answer is =22%

Explanation:

Holding period return is the total return from asset or investment portfolio over a period of time. Holding period return is expressed as a percentage.

Its formula is:

[(value at the end of the period- original value) + income or dividend]/ original valuex 100

[2 + (59 - 50)] / 50x 100

(2 + 9 ) / 50x 100

11/50 x 100

=22%

4 0
3 years ago
​As the income of bus riders increased, the wages of bus drivers increased simultaneously. How does this affect the market for b
kondor19780726 [428]

Answer:

The demand curve and supply curve will shift leftwards.

Explanation:

The increase in the income of riders will decrease the number of bus rides because there is an inverse relationship between income and inferior goods. Therefore, the demand curve for bus rides will shift leftwards. Moreover, the increase in wages is an input cost, therefore, the rise in input cost will shift the supply curve leftwards.

6 0
3 years ago
Kelly tells Matthew that she will sell him one of her motorcycles at some time in the future. Matthew eagerly accepts. Do they h
WINSTONCH [101]

Answer:

Probably not, because the terms are not definite.

Explanation:

A contract is considered to be valid when there is a written or expressed agreement for one party to deliver goods or services to another.

The terms are clearly stated. For example the price, time of sale, acceptance of price, and so on.

A valid contract has the following elements: offer, acceptance, agreement, and consideration.

In the given scenario where Kelly tells Matthew that she will sell him one of her motorcycles at some time in the future and Matthew eagerly accepts. There is an agreement but there is no specific offer and consideration of price and also the time of transaction.

So the contract is probably not valid because terms are not clearly defined.

3 0
4 years ago
Most jobs are handed down from parent to child in a:
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Answer:

traditional economy.

Explanation:

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3 years ago
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