Which of the following might lead to an increase in the equilibrium price of hot dogs and a decrease in the equilibrium quantity of hot dogs sold?
An increase in the price of hamburgers, a substitute for hotdogs
An Increase in consumers' income, as long as hot dogs is a normal good.
An increase in the price of meat, an input to hot dogs
An increase in the price of buns, a complement to hot dogs
Answers
Answer:
now I have to be there for me and my phone was off today and I don't know what I want to take it to me and my mom is going to be a boon for her to the store and
Answer:
An increase in the price of buns, a complement to hot dogs might lead to an increase in the equilibrium price of hot dogs and a decrease in the equilibrium quantity of hot dogs sold.
Explanation:
Assuming that all demand-determining factors remain constant, the hamburger demand curve illustrates the connection between hamburger price and the quantity required by customers. The factors that influence how many hamburgers customers desire to purchase at a particular price are known as demand determinants, and they are included in the list below:
ASPECTS THAT IMPACT DEMAND
- Price of an associated good (complement or substitute)
- Consumers' income
- Customers' preferences
- Consumers in number
- Suppositions held by customers
As a result, if the price of hamburgers changes, the demand curve will move from the previous price to the new price.
However, if any of the determinants of demand change, such as the cost of hot dogs (a complement rather than a substitute for hamburgers), the cost of hamburger buns, or the income of hamburger customers, the demand curve will move.
Conclusion:
An increase in the price of buns, a complement to hot dogs might lead to an increase in the equilibrium price of hot dogs and a decrease in the equilibrium quantity of hot dogs sold.
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