List the major non-price determinants of demand
What will be an ideal response?
Consumer preferences (tastes), income, prices of related goods (complements and substitutes), future expectations, and number of buyers.
Economics
You might also like to view...
Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Derive the market supply curve
What will be an ideal response?
Economics
When price is greater than both marginal cost and average variable cost, the perfectly competitive firm
A) is maximizing economic profit. B) should increase its level of output. C) should reduce its level of output. D) should stop production.
Economics