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alexgriva [62]
3 years ago
11

In general, if a consumer good is produced domestically and consumed domestically, an increase in its price will have which of t

he following effects?
Business
1 answer:
vaieri [72.5K]3 years ago
7 0

ANSWER :

Excess Supply of that good will be created.

EXPLANATION :

Market Equilibrium (without external factors - import & export , of a domestically produced & consumed good) is where : Market Demand = Market Supply.

Demand & Supply are inversely & positively related to prices respectively (law of demand , law of supply)

So : An increase in price will increase supply and an increase in price will reduce demand.

This increased supply & decreased demand due to price rise will create Excess Supply (Supply > Demand)

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What appeals to you about baskin robbins franchise
blsea [12.9K]

Answer:

It does not appeal to me lol.

Explanation:

If it does appeal then it will probably be the free icecreams. Plus you can have whatever toppings and designs you want!

7 0
3 years ago
Which feature of a customs union differentiates it from a free trade area?
andriy [413]

Answer: A customs union requires all members to have a common external trade policy with non-union members.

Explanation: The feature that differentiates a customs union from a free trade area is that a customs union requires all members to have a common external trade policy toward non members. Free trade areas are permitted to negotiate different tariffs with different countries, contrary to the operation of customs unions.

6 0
3 years ago
If the cost of housing increases by 10 percent, then, other things the same, the CPI is likely to increase by about:(A) 10 perce
djverab [1.8K]

Answer:

correct option is (D) 4 percent

Explanation:

given data

cost of housing increases = 10 percent

to find out

CPI is likely to increase by

solution

as other thing  (CPI) Consume price index is likely to increase as

(CPI) Increase in Consume price index = 40 % of cost of housing increases  ...................1

so (CPI) Increase in Consume price index = 40 % of 10%

Increase in Consume price index = 4%

so correct option is (D) 4 percent

6 0
3 years ago
A rational economic decision: a) may or may not result in the largest economic payoff. b) is concerned with efficiency but not w
zlopas [31]

Answer:

The correct option is B

Explanation:

Rational economic decision is the process where the costs as well as the benefits of the various options are being compared in order to determine or evaluate the which option is rational. Rational decisions have total benefit greater than or equal to their cost. So, the rational economic decision concerned with the efficiency not with the fairness or equity.

7 0
4 years ago
Classify the following topics as relating to microeconomics or macroeconomics. Topic: Microeconomics or Macroeconomics
goldenfox [79]

Answer: MICROECONOMICS

1.The effect of a change in price of one good on a related good.

MACROECONOMICS

2. The relationship between the inflation rate and the unemployment rate.

3.The effect of government subsidies on the agricultural industry.

Explanation: Microeconomics is a term of the to describe the impact of certain conditions on a single product or service,it doesn't consist of the whole economy or country.

Macroeconomics is a term used to describe the impact of certain conditions on the whole economy or country. Inflation rate, unemployment rate, effects of subsidy in Agriculture etc are all Macroeconomics statistics give better understanding of the economic performance.

8 0
3 years ago
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