The difference between the price a consumer is willing to pay for a product and the price the consumer eventually pays is called?

Q: What is the objective of the price change?

A: Price change shows that how during a trading period, there is a difference in price of the same…

Q: What do you mean by an inferior goods give some examples?

A: According to the given question A good is basically said to be a inferior in a generally related…

Q: What is the market situation exist when there are many buyers and many sellers? *

A: There are many type of market in the economy like Perfect competition , Monopoly , Oligopoly and…

Q: An increase in the supply of a good will increase the total revenue producers receive if?

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: What is the relationship between MR and Price?

A: Microeconomics refers to the branch of economics that deals individually instead of aggregates a…

Q: For an inferior good, the quantity demanded

A: Demand for inferior goods are depending upon consumer's income.

Q: Use willingness to pay and willingness to sell to determine supply anddemand at a given price

A: The maximum price that the buyer is ready to pay for a unit of commodity rather than go without it…

Q: What are the factors affecting the demand for processed foods?

A: Demand may be defined as the number of customers who are ready, willing, and able to purchase a…

Q: Why do people purchase more of something when its price falls?

A: Law of demand states that when other things remain the same increasing price leads to reduces the…

Q: The amount of a good that buyers are willing and able to purchase at a given price.

A: Consumer theory is the theory that deals with determination of a point at which a consumer maximizes…

Q: Would you call your refrigerator a comfort or a necessity?

A: Necessity commodities are those products and services that customers can purchase regardless of…

Q: What is an inferior good?

A: An inferior good is a type of good which is consumed less when the income increases. For example -…

Q: How do demand and supply curves impact your life?

A: Demand and supply are very important for life. Basic products as well as luxurious products are…

Q: The amount of a good or a service that a producer supplies at a specific price is called:

A: Let us first understand certain concepts related to the above question.Producer: Producers are the…

Q: •If you are the manager of a company, and you recently discovered that your goods are considered by…

A: In the market, goods are classified according to consumer behavior, and the relation between the…

Q: Why does the movie theater charge matinee customers a lower price than the night time customers?

A: The movie theater charge matinee customers a lower price than the nighttime customers because the…

Q: How does equilibrium occur in the market?

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: How would marginal utility and market demand be affected by a rise in the price of a contemporary…

A: A complementary product is a product or service that adds value to another product or service. In…

Q: What are the factors that caused the consumer surplus?

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: Organic eating is the new trend! What is the impact that supply and demand have on pricing?

A: The market is a place where the buyers and the sellers interacts with each other and the exchange of…

Q: Is a good which is inferior for one Consumer is inferior for all the other consumers also?

A: # The low quality goods which follows a negative income effect are inferior goods.  Griffin goods is…

Q: What is the Relationship of Price to Quality?

A: The quality of the product is judged according to its price.

Q: What inferior goods that people buy?

A: Demand for inferior products is often determined by client behavior. Inferior smart refers to…

Q: What is Buying behavior?

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: Agree or disagree, a decrease in supply causes the price of coffe to fall

A: The supply (ss) of a good refers to the quantity that the producers are willing to sell at a…

Q: the demand curve is horizontal, what would customers do when price increases?

A: The quantity demanded of the good is defined as the amount of the good the consumers are willing and…

Q: Goods which can be used on place of each other are called __________ goods

A: Depending upon the cross price elasticity of goods, goods can be of two types:- (A) Complementary…

Q: The quantity demanded isA) the amount of a good that consumers plan to purchase at a particular…

A: Change in Demand: The term change in demand is also known as the shift in the demand curve and this…

Q: what is a normal good?

A: Goods refers to the goods which are purchased by the consumer to satisfy their wants. Inferior goods…

Q: Cake and pastries are Substitute goods or complementary goods?

A: If two goods can be used on place of each other than they are Substitute goods and if they are…

Q: Income, taste, or population changes do what to the demand curve?

A: Demand is the quantity of the good that consumers want at different prices in the market at a…

Q: Does the role of price vary with the type of situation?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Variables that can shift the demand curve  information about Prices of related goods

A: A demand curve is a downward sloping curve which shows an indirect relationship between price of a…

Q: How does the market structure affect the price of a good or service?

A: A market is a gathering of buyers and sellers to reach an agreement on the price and quantity of…

Q: What is the market price?

A:

Q: What is the best price that producer must determine so as to achieve maximum revenue

A: Total Revenue is the product of the number of units sold multiplied by the price. Similarly, the…

Q: What is complementary goods

A: In an open economy, there is a free flow of production of goods and services. All types of goods are…

Q: What Is Price Analysis?

A: Price Analysis refers to the analysis of response of consumer to the theoretical prices in research…

Q: What is the difference between a "need" and a "value?"

A: There are many differences in need and value

Q: What happens to the utility we get from each additional unit we consumed?

A: Utility refers to the want satisfying capacity of the individuals that includes the consumers those…

Q: If butter is the product, what happens when the price of magarine goes up?

A: Butter and Margarine are substitute goods for consumers.  Substitute goods are those goods that are…

Q: Why is it important to set prices correctly?

A: It is very difficult to set the price correctly and it is also an important thing in the market for…