According to the law of demand, what role do low prices serve for buyers? (1 point) Responses supply supply substitute substitute reward reward penalty
According to the law of demand, low prices serve as a reward for buyers.
Which of these BEST represents a capital investment for a company?
-buying new equipment
A computer programmer, bank teller, and construction worker are all examples of
-human resources
Getting the goods and services that you want by offering a different good or service (not money) as payment is called _____________________________.
-Bartering
Maria goes on a shopping trip to get ready for her vacation. She loads her cart with a new purse for $12.00, a sun hat for $4.00, magazines for $6.00, and a beach towel for $4.00. When she gets to the register, she realizes she only has $20.00 in her pocket. Use the passage to answer the question. If Maria decides to purchase the sun hat, towel, and bathing suit, what is the opportunity cost of her purchase?
-The magazines
According to the law of demand, what role do low prices serve for buyers?
-Reward
How does scarcity affect customers?
- Limited money and resources forces consumers to make choices.
Which of the following goods or services is an import to the United States?
- Oil bought by the United States from the Middle East.
Which of the following is a characteristic of a Command Economy?
- Government control.
Which of these is an example of a monetary incentive?
- Earning an allowance for doing chores.
Which situation is more likely to occur in a Market Economy than a Command Economy?
-A citizen designs a new game and opens a store to sell it.
Trade barriers are designed to protect producers in the country from being put out of business by foreign producers with lower prices & to prevent trade deficits from happening.
- True.
When are equilibrium prices achieved?
- When supply equals demand.
Match the resources with the kind of resource they belong to.
- Natural: coal, Human: chef, Capital: computer.
A surplus means that a business made too much and may waste money on resources making products that will not get used or be thrown out.
- Surplus.
What does a relative price compare?
- The price of one good or service compared to another similar one.
A popular cell phone manufacturer begins selling a new phone with many unique features and is improved. Lots of people want to buy the new phone. The old phone cost $149.00. What is the most likely price of the new phone?
- $199.
A substitute is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.
- Substitute.
The law of demand describes the relationship between prices and demand.
- Demand.
If many buyers want a good or service that is in low supply, the price will most likely increase.
- Increase.
Price competition in the market, including price wars between competitors, typically benefits the consumer (buyer).
- Consumer (buyer).
Correct!
According to the law of demand, low prices serve as a reward for buyers.
According to the law of demand, low prices serve as a reward for buyers. When the price of a product or service decreases, it provides an incentive and attracts buyers to make a purchase. As the price goes down, buyers perceive the product as more affordable, which can lead to an increase in demand.
Now, to understand this concept, it's important to know how the law of demand works. The law of demand states that there is an inverse relationship between the price of a good or service and the quantity demanded. In simpler terms, as the price of a product decreases, the quantity demanded by buyers tends to increase, assuming other factors remain constant.
To get this answer, you can study basic economics principles or refer to reputable sources such as textbooks, academic papers, or online educational platforms. Additionally, you can seek input from experts or educators in the field of economics who can provide detailed explanations regarding the law of demand and its implications for buyers.