With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer income will

Business

1 answer:

iVinArrow [24]3 years ago

6 0

Answer:

increase equilibrium price and quantity if the product is a normal good.

Explanation:

In the case of normal good there is a direct relationship between the income and the quantity demanded. That means if the income rises so the quantity demanded would also rised and if the income declines so the quantity demanded also fall

So as per the given situation if there is a rise in income so the equilibrium price and quantity would increased in the case when the product is a normal good

You might be interested in

The FDA supervises standards of quality and consistency of drugs today. True False

Soloha48 [4]

True. Hope this helps!

7 0

3 years ago

When a firm is operating in a perfectly competitive labor market the wage the firm increases with the number of workers hired. t

djverab [1.8K]

Answer: When a firm is operating in a perfectly competitive labor market: "the firm can buy as much or as little labor as it wants at a fixed, going wage rate."

Explanation:

1- "the wage the firm increases with the number of workers hired" - Is incorrect because The salary paid by the company is treated as a constant salary.

2- Correct.

3- "the firm’s marginal expense of labor (MEL) equals the cost of all workers hired." is incorrect because the firm’s marginal expense of labor (MEL) is equal to the salary (wage) rate.

7 0

3 years ago

Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company

Charra [1.4K]

Answer:

Owners have limited liability.

Explanation:

A corporation is an entity , established by shareholders or individuals with the aim of making profit. It is a legal entity hence can enter into a contract, can also sue and be sued.

The legal process involved in the establishment of corporation is called incorporation. It contains the main reason why the corporation is in business, name and office address, types and number of shares to be issued.

Because the business is incorporated and also a legal entity, it means that the owners are protected personally should their be any litigation against the corporation. Moreover, the liability of the owners are limited to the investment in the corporation.

6 0

3 years ago

Describe a product, and then give an example of a time when the demand for this product might be high and the demand for this pr

d1i1m1o1n [39]

An inner tube for a swimming pool would be in high demand during the summer months, and in incredibly low demand in the winter months.

7 0

3 years ago

Hello, im stuck. if i could get some ideas for this i will mark you brainliest if i can.

Shtirlitz [24]

Answer: so you are giving someone instructions like how to make a sandwich with a lot of detail so someone could do everything you did :)

Explanation:

✪ ω ✪

3 0

3 years ago