Change in relative price, I have a problem in economics on Change in relative price.

Change in relative price

I have a problem in economics on Change in relative price. Please help me in the following question. The Substitution takes place all along a demand curve when there is a: (1) Rapid shortage of a required product. (2) Increase in the common price level. (3) Change in relative price of good. (4) Market excess.

Can someone please help me in finding out the accurate answer from the above options.

View Complete Question

Related Questions in Microeconomics

Q : Short run operation and long run

When Presidio, Hybrid Roses and Texas boomed learned which its rent and utilities had soared upward by $9 per hour hence a new five-year lease would now cost $60 per hour, therefore this monopolist will: (w) continue to realize positive economic profi

Q : Analytic Time-The Market Immediate The

The analytical period of time is very short that the firm could not adjust output by hiring more or less of a variable resource was recognized by Alfred Marshall as: (1) Immediate or market period. (2) Long run. (3) Short run. (4) Technological or temporal long run.

Q : What is Marketability What is

What is Marketability. Write some points for it.

Q : Problem regarding Labor Union Goals The

The union goal of maximum employment would make most of the union members: (1) Happy as unemployment rates would be zero. (2) Happy since of the big union membership. (3) Unhappy as only a very low wage maximizes employment. (4) Unhappy as they don’t understand

Q : Define change in demand Change in

Change in demand: When change in demand takes place due to change in factor other than price, it is termed as change in demand.

Q : Question on demand curve If the price

If the price of K declines, the demand curve for the complementary product J will: A) shift to the left. B) shift to the right. C) decrease. D) remain unchanged. Help me to get through from this problem.

Q : Comparing monopolistic competition to

If comparing monopolistic competition to pure competition within the long run: (w) product differentiation definitely improves social welfare. (x) only monopolistic competitors may earn economic profits. (y) only pure competitors oper

Q : Problem on Complementary Goods From the

From the viewpoints of auto makers, the weakening of OPEC oil cartel in the year 1990s resulted in a/an: (1) Rise in demand for cars. (2) Reduction in demand for cars. (3) Rise in the supply of cars. (4) Reduction in supply of cars.

Q : Monopoly Profits by Capitalization

People who seek monopoly profits by buying the assets of successful monopolists will probably: (w) receive only normal returns onto the investment. (x) realize capitalized profits (y) attain monopoly economic profits. (z) thwart competition by innovating procedures of

Q : Market demands for automobiles The

The market demands for automobiles are not rapidly and directly influenced by modifications in: (i) Income. (ii) Gasoline prices. (iii) Salaries paid to auto-workers. (iv) The number of legal drivers. (v) Preferences and tastes.

Discover Q & A

Leading Solution Library

Avail More Than 1444562 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1927444
Asked

3,689

Active Tutors

1444562

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment