Ask Question
9 January, 11:25

According to the law of demand, when will higher corn prices reduce the quantity demanded of corn? a. When the supply of corn is fixed. b. Always. c. When there are no shortages or surpluses of corn. d. When nonprice determinants, like income and the number of buyers, are unchanged.

+4
Answers (1)
  1. 9 January, 11:55
    0
    D. When nonprice determinants, like income and the number of buyers, are unchanged.

    Explanation:

    Initially, in market of supply and demand, it is explained that when their is increase in supply of goods and also services, the prices of these goods and services remains the same but when their are higher prices, it is said to have occurred when non price determinants, like income and the number of buyers, are unchanged.

    It is known that when their is an increase in goods and services supply, demand remains the same, prices are also seen to fall to a lower price which pushes for a higher quantity of goods and services.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “According to the law of demand, when will higher corn prices reduce the quantity demanded of corn? a. When the supply of corn is fixed. b. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers