Is buying a steak at the restaurant considered a good or service?

Q: What is the best way to deal with shortages after a natural disaster?

A: In a market, when producers supply a lesser quantity of output than its demand due to various…

Q: What is the objective of the price change?

A: Price change shows that how during a trading period, there is a difference in price of the same…

Q: What is difference between goods and services?

A: Both goods and services are very important for the economy. The consumers purchase many products to…

Q: A customer says to a salesperson 'How much for that television?". What is this an example of? An…

A: The economics as a study is based upon the basic idea of the limit to the resources which are there…

Q: A loss of purchasing power due to a price increase and a decrease in the amount of one good…

A: Due to price increase, if the purchasing power of a consumer decreases, it is the income effect.

Q: An increase in the supply of a good will increase the total revenue producers receive if?

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: the quantity of a good or service which consumers want and have the ability to purchase

A: Quantity- It is the number or amount of goods or services.

Q: Let’s say that you need a car. How would you go about deciding which car to buy?

A: The mechanism by which a person or a company decides the course of action to take is referred to as…

Q: Meaning of utility

A: It is a service that is offered to the general population, such as water, gas, or electricity.

Q: Are airline tickets more expensive a few months before the flight or one day or several hours before…

A: It isn't kind of rule to mention but the air tickets when booked few month before the flight tends…

Q: "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain

A: It is possible that you get all the break fast you need on a specific morning, however, will that…

Q: What are the types of utility

A: Utility refers to the total satisfaction that is derived from consuming a good or a service. Utility…

Q: Would you call your refrigerator a comfort or a necessity?

A: Necessity commodities are those products and services that customers can purchase regardless of…

Q: Bread is always a consumer good?

A: consumer good is a good which is use to satisfy consumer wants and needs of current time

Q: What should be done to regain the lost customers?

A: The lost customers can be gained by following ways: 1. Decide if the producer wants them back. Not…

Q: What events might prompt consumers to demand fewer goods at current prices?

A: To determine the events that may prompt consumers to demand fewer goods at current prices.

Q: The price for a product might remain the same, or rise or fall over time. Regardless, over time…

A: The price for a product is determined at the intersection of the market demand for the product and…

Q: Think back to a purchase that you made recently. How  would you describe your thinking before you…

A: Individual’s should make decisions based on rational calculations to achieve the potential outcome.

Q: How would marginal utility and market demand be affected by a rise in the price of a contemporary…

A: A complementary product is a product or service that adds value to another product or service. In…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: Which is NOT the stage that customers go through in the process of adopting a new product?

A: The 5 stages are: product awareness, product interest, product evaluation, product trial, and…

Q: How much is steve willing to pay for one bag of potato chips?

A: Demand refers to the willingness and ability of the consumer to pay for goods and services.

Q: Types of consumer goods

A: Consumer good is a final good purchased by a consumer.   Generally, there are 3 type of consumer…

Q: What is Buying behavior?

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: If you buy less clothing because the price of clothing at your favorite store has gone up, what are…

A: Consumption of products and services in the economy by consumers is referred to as demand. Demand,…

Q: Where does Mark Dean call home

A: Mark Dean is known as one of the fathers of the personal computer

Q: what is the most important concept in satisfying needs and wants

A: A need is anything which is a basic necessity and is required to live. On the other hand, wants are…

Q: Does the role of price vary with the type of situation?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: What is supplied

A: Demand is the quantity of an item or service that consumers buy at various prices during a specific…

Q: difference between goods and services?

A: Economics refer to the study of allocation of scarce resources in the most optimal way, when the…

Q: Do consumers always make rational consumer decisions when buying economic goods?

A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…

Q: A good truck sells six items. Given the menu prices, which item will you buy first?

A: Greater the values of equimarginal utility (marginal utility over prices) more will be the preferred…

Q: What is the best price that producer must determine so as to achieve maximum revenue

A: Total Revenue is the product of the number of units sold multiplied by the price. Similarly, the…

Q: How do market affect your life

A: Market is the place where seller and buyer are exchange the goods and services at a specific Place.

Q: quantity traded is lower options , quantity traded is lower price or quantity

A: *Answer:  A price ceiling is a price fixed by the government to protect the consumer, this price…

Q: Why is it important to set prices correctly?

A: It is very difficult to set the price correctly and it is also an important thing in the market for…