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If the price falls, what happens to the quantity demanded of a product?

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Richa Arora
Richa AroraLv10
18 Sep 2020
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Related questions

1. In each case below, what is the value of the price elasticity of demand? Is demand perfectly inelastic, inelastic, unit elastic, elastic or perfectly elastic?

a. Price falls by 10%, quantity demanded rises by 8%

b. Price rises by 3%, quantity demanded falls by 3%

c. Price rises by 1%, quantity demanded falls by 5%

d. Price rises by 5%, quantity demanded collapses to zero

e. Price falls by 2%, quantity demanded does not change

58) 58) Which one of the following correctly describes how price adjustment eliminates a surplus? A) As the price falls, the demand for substitutes of the good falls, eliminating the surplus. B) As the price rises, the quantity demanded increases while the quantity supplied decreases. C) As the price rises, the quantity demanded decreases while the quantity supplied increases. D) As the price falls, the quantity demanded increases while the quantity supplied decreases. E) As the price falls, the quantity demanded decreases while the quantity supplied increases.

Given the following income elasticities of demand. The values indicate that: if the income elasticity coefficient is negative, it means that:

a. the good is inferior so that if income falls, the quantity demanded for the good will rise. 

b. the good is inferior so that if income falls, the quantity demanded for the good will fall.

c. the good is inferior so that if price falls, the quantity demanded for the good will rise.

d. the good is normal so that if price falls, the quantity demanded for the good will rise.

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