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m_a_m_a [10]
2 years ago
6

Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, the quantity of hot dogs demanded

____________, which _________ the demand for ketchup. Because of the change in the equilibrium quantity of ketchup, the demand for tomatoes by ketchup producers ___________, causing the equilibrium price of tomatoes to___________. This means producers of tomato juice face__________ input prices, and the supply curve for tomato juice ____________). The resulting ____________ in the price of tomato juice causes people to substitute (away from tomato juice and toward orange juice/away from orange juice and toward tomato juice), so the demand for orange juice ________.
Business
1 answer:
Kobotan [32]2 years ago
3 0

Answer:

Falls; lowers; falls; decrease; lower; increases; fall; away from orange juice and toward; fall.

Explanation:

In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.

The law of demand states that, the higher the demand for goods and services, the higher the price it would be sold all things being equal. On the other hand, law of supply states that the higher the price of goods and services, the lower the supply.

Generally, consumers would like to be buy a product as its price falls or become inexpensive.

For substitute or complement products (goods), the price elasticity of demand is always positive because the demand of a product increases when the price of its close substitute (alternative) increases.

In this scenario, Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, the quantity of hot dogs demanded falls, which lowers the demand for ketchup. Because of the change in the equilibrium quantity of ketchup, the demand for tomatoes by ketchup producers falls, causing the equilibrium price of tomatoes to decrease. This means producers of tomato juice face lower input prices, and the supply curve for tomato juice increases. The resulting fall in the price of tomato juice causes people to substitute away from orange juice and toward tomato juice, so the demand for orange juice falls.

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At the broadest level, the financial system moves the economy’s scarce resources from
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Answer: A - the rich to the poor

Explanation: At the broadest level, the financial system moves the scarce resources from the rich to the poor.

This means that at this level, the rich save more of the resources because they have more than enough while the poor borrows more cause they do not have enough to spend now and would prefer to borrow to meet their needs.

4 0
3 years ago
Which of the following is likely to occur as the result of the law of diminishing marginal​ utility? A. ​Petra's utility from he
Rus_ich [418]

Answer:

The correct answer is option C.

Explanation:

The law of diminishing marginal utility means that keeping other things at constant the marginal utility derived from the consumption of a commodity goes on declining with each additional unit of the commodity.

So, the marginal utility from the first unit will be highest, that from second unit will be lesser, that from third even lower and so on.

In the examples given above, Wesly's case is most applicable to this.

So, option C is the correct answer.

4 0
2 years ago
The approved detail design resulting from the __________ serves as a basis for making the decision to begin production. Systems
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Answer: Critical Design Review

Explanation:

A Critical Design Review is referred to as a review that's fine in order o ensure that a system can be able to move into fabrication, and test and also ensure that the stated performance requirements are met.

The approved detail design resulting from the critical design review serves as a basis for making the decision to begin production.

3 0
2 years ago
Within the context of the Ricardian model of trade, suppose that the introduction of a vaccine against a virus increases the pro
vitfil [10]

Within the context of the Ricardian model of trade, suppose that the introduction of a vaccine against a virus increases the productivity of workers in the developed world. What would you expect wages to do? fall mainly in the developing countries.

3 0
2 years ago
Suppose the government passes a law eliminating holidays and, as a result, the production of goods and services increases becaus
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Answer:

B) GDP would definitely increase because GDP excludes leisure.

Explanation:

The gross domestic product GDP includes the market value of all the final and legal goods and services produced within a country during one year.

Leisure time by itself is not included in the GDP, recreational and travel activities are, e.g. hotel services, restaurants, camping equipment, etc.

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