In Each of the Following Situations, List What Will Happen

question 239

Essay

In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is a normal good.
a.The population increases and the price of inputs increase.
b.The price of a complement increases and technology advances.
c.The number of firms in the market increases and income increases.
d.Price is expected to increase in the future.
e.Consumer preference increases and the price of a substitute in production decreases.

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Definitions:

Hearing Capability

The ability or capacity to perceive sounds by detecting vibrations through an organ such as the ear.

Newborns

Infants who are in the initial period after birth, typically considered the first few weeks of life, characterized by rapid growth and development.

Sensorimotor Stage

The first stage in Piaget's theory of cognitive development, spanning from birth to about 2 years, where infants learn through interacting with the environment using their senses and motor actions.

Ethnic Diversity

The inclusion or representation of individuals from a variety of cultural, national, racial, and religious backgrounds within a community or organization.