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3 years ago

Which of the following scenarios illustrates the law of demand?

Business

1 answer:

Genrish500 [490]3 years ago

3 0

Answer:

Option B is correct.

Explanation:

In order to answer this question correctly, we first need to understand the law of demands.

Law of demands: It says that the relationship of price and quantity demanded is inversely proportional. It means if the price of a particular product goes high, then the quantity of demand will be reduced. Similarly, if the price of the product is low then the quantity of demanded will be higher.

Here,

Option B is the most relevant to the Law of Demand which says that Kathleen eats more steak when the price is low. It means when the price is low, the quantity of steak demanded is higher in Kathleen's case. Furthermore, Kathleen eats less when the price is high. It means, when the price of steak is higher then the quantity of steak demanded from Kathleen is low.

Hence, Option B is the correct option which fulfills the law of demand.

You might be interested in

Coronado Company's record of transactions concerning part X for the month of April was as follows.

Olin [163]

Answer:

1.FIFO 5,631.4

2.LIFO 7,685

3.8.8542 per unit

Explanation:

Coronado Company's

1)First-in, first-out (FIFO)

(520×8.47+ 150×8.18)

= 4,404.4+1,227

= 5,631.4

2)Last-in, first-out (LIFO)

(420×7.30+ 620×7.45)

= 3,066+4,619

= 7,685

3.Cost of goods available for sale

Date Transactions Units ×Rate =Total

Apr-01 Beginning inventory 420 ×$7.30 =$3,066

Apr-04 Purchase 720×$7.45 =$5,363

11-Apr Purchase 620 ×$7.74 =$4,798.8

18-Apr Purchase 520×$7.81 =$4,061.2

26-Apr Purchase 920 ×$8.18= $7,525.6

30-Apr Purchase 520 ×$8.47 $4,404.4

Total: 3,300 $29,219

720+620+520+920+520=3,300

$3,066+5,363+4,798.8+4,061.2+7,525.6+4,404.4 =29,219

Average cost per unit =

Total cost of goods available for sale / Units available for sale

Hence:

$29,219 / 3,300

=8.8542 per unit

8 0

3 years ago

what does stiglitz argue about globalization? what does he see as the strengths and weaknesses of globalization? how does stigli

Levart [38]

According to Stiglitz, depending on how it is managed, globalization may succeed or fail.

<h3>What does Joseph Stiglitz believe in?</h3>

Success, according to Joseph Stiglitz, occurs when national governments manage it by embracing the unique traits of each nation. When it is governed by global organizations like the IMF, it fails. Finance ministers and bank governors, who have formulated policies that benefit the financial sector, are said to be in charge of the IMF, according to Stiglitz.

In addition, the "Washington Consensus," a collection of policies that promotes "stabilization, liberalization, and privatization" of the economy, is harmful since it places a strong emphasis on deregulation. Instead, policies should aid nations in creating "the proper regulatory system." In the end Stiglitz adds that, a stronger commitment to democratic principles by the Bretton Woods Institutions.

To learn more about ,Joseph Stiglitz visit:

brainly.com/question/29549334

#SPJ1

3 0

1 year ago

Munson Performance Auto, Inc., modifies 375 autos per year. The manager, Adam Munson, is interested in obtaining a measure of

natta225 [31]

Answer:

overall performance 0.000297

Explanation:

cost of inputs:

labor 10,500 hours x 25 each = 262,500

suspension and engine 500 kits x 1,000 each = 500,000

energy 100,000 kilowatt-hous x 5 each = <u> 500,000 </u>

total input resource cost 1,262,500

performance:

375 / 1,262,500= 0.00029703

rounding to 6 decimal places: 0.000297

5 0

3 years ago

Assume the money supply is $800, the velocity of money is 8, and the price level is 2. Using the quantity theory of money: a. De

KengaRu [80]

Answer:

3200

Explanation:

The computation of the level of real output is given below;

We know that

Money supply × velocity of money = Price level × Real output

And,

Nominal output = Price level × real output.

Now

a) level of real output = money supply × velocity of money ÷ price level

= 800 × 8 ÷ 2

= $6400 ÷ 2

= 3200

3 0

3 years ago

Lisa goes to a car dealership to purchase a new honda accord. she is not willing to pay the listed sticker price for the car, an

solmaris [256]

Given that <span>Lisa goes to a car dealership to purchase a new honda accord. she is not willing to pay the listed sticker price for the car, and she instead works with the salesperson and manager until a mutually satisfactory price is agreed upon.

This is an example of negotiated pricing.</span>

8 0

3 years ago