Business, 21.05.2020 22:01 bgallman153p71edg

Page 81 3.2. What determines demand? Consider the market for caramel and butterscotch ice cream toppings. For each price change, identify the likely effect on the demand curve for caramel topping. The demand for caramel topping will decrease. The demand for caramel topping will increase. The demand curve for caramel topping will remain the same. The price of ice cream increases. The price of caramel topping decreases. The price of butterscotch topping increases.

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Answer from: emilianacassandra

The price of ice cream increases - The demand for caramel topping will decrease

The price of caramel topping decreases - The demand curve for caramel topping will remain the same.

The price of butterscotch topping increases - The demand for caramel topping will increase.

Explanation:

If the price of icecream increases , it would become expensive to make them. So producers would reduce quantity supplied of ice cream. As a result of the reduced supply, there would be less demand for caramel toppings.

Caramel and butterscotch toppings are subsituites. If the price of butterscotch toppings increase, the demand for caramel toppings would increase.

If the price of caramel toppings reduce, the quantity supplied would fall. This would lead to a movement along the demand curve and not a shift of the demand curve.

Answer from: Quest

engaging in financial planning?

just took my test

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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Page 81 3.2. What determines demand? Consider the market for caramel and butterscotch ice cream topp...

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