​Use the Following Table for

question 51

Multiple Choice

​Use the following table for question
-Given that the firm offers both the products,what is the maximum price it can charge for the high-end wok to have the chefs only buy the high-end wok?

• A)​$70
• B)$80
• C)$90
• D)​$100

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Definitions:

Normal Goods

Goods for which demand increases when consumer income increases and vice versa.

Income Effect

The change in an individual's consumption resulting from a change in their real income, affecting their purchasing power.

Normal Good

A type of good for which demand increases as the income of individuals or the economy grows.

Substitution Effect

The substitution effect occurs when consumers replace more expensive items with less costly alternatives.