Ask Question
BusinessBusiness
6 November, 11:12

If the price of pants increases, what would you expect would happen in the market for pants?

+2
Answers (1)
  1. 6 November, 14:36
    0
    Answer: There will be a surplus at the increased price.

    Explanation: Acc. to the law of demand as the price of a good rises the quantity demanded for the good will fall. This is represented by a movement up along the demand curve.

    Acc. to the law of supply as price of a good rises the sellers will supply more units of the good. This is represented by a movement up along the supply curve.

    At the increased price, there will be a surplus in the market given by Q's - Q'd.

    Eventually, the surplus will lead to a fall in the price of pants till demand for the good is equal to its supply.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If the price of pants increases, what would you expect would happen in the market for pants? ...” 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
You Might be Interested in
General Mills conducted research on a "new, improved" version of their cereal, TRIX. Consumer taste tests showed the new version was preferred over the old TRIX, but the new version was a failure when it was introduced.
Answers (1)
Rob quit a job working 20 hours per week at a Subway sandwich shop to make sandwiches in his college dorm room that he sells to hungry students.
Answers (1)
A brief assessment of a manager's past performance, strengths, weaknesses, and potential for advancement is included in a:
Answers (1)
Which word or phrase below is an antonym for concrete? proven data-driven physical presence abstract
Answers (1)
Journalize the entry to transfer net income to retained earnings for Wedgewood Corporation if revenues for the most recent fiscal year were $2,100,000, expenses were $1,380,000, and dividends declared were $200,000.
Answers (1)
New Questions in Business
With regard to how people use time and their expectations of how it should be managed, members of which type of culture value efficiency production and fast results?
Answers (1)
How would u approach a fellow co-worker consistently does not perform hand-hygiene when it is indicated or appropriate.
Answers (1)
Which of the following statements is FALSE? A. The effective annual rate indicates the amount of interest that will be earned at the end of the year. B. The annual percentage rate indicates the amount of simple interest earned in one year. C.
Answers (1)
Match the business with the appropriate cost system (s) for that business using the number of the cost system where 1 = job order costing, 2 = process costing, and 3 = activity-based costing. a. Ketcher, Tryer, and Friar, attorneys-at-law b.
Answers (1)
Solemon Company has total fixed cost of $15,000, variable cost per unit of $6, and a price of $8. If Solemon wants to earn a targeted profit of $3,600, how many units must be sold?
Answers (1)
Home » Business » If the price of pants increases, what would you expect would happen in the market for pants?
Sign Up Forgot Password?