According to the law of demand states that‚ other things remaining unchanged: Answer | a. | as price decreases‚ demand decreases. | | b. | as price increases‚ demand increases. | | c. | price has no effect on quantity demanded. | | d. | as price decreases‚ quantity demanded increases. | | e. | None of the above. | 1 points Question 2 1. At any price‚ the market demand curve: Answer | a. | is flatter than the flattest individual demand curve. | | b. | has a
Premium Supply and demand
Organic Food VS Genetically Modified Food Section: Advertising feature Edition: 1 - First Edition AWARENESS of organic products has come a long way over the past 12 years‚ according to Billy Bond‚ owner of Organic Larder. The Malop St grocery store‚ which sells high-quality certified organic and bio-dynamic produce‚ was opened in 2000. Business is booming. Mr Bond said he opened the business when organic products were ``a bit of an unknown’’ in Geelong but his store was thriving as consumers
Premium Organic food Organic farming Organic certification
price of organic food is involved as a factor for consideration to purchase organic food. Many consumers consider the price of organic food as a barrier for purchasing behaviour due to the higher price in comparison to the conventional product. There were some studied showed that non-organic consumer claimed that organic food was expensive. If the organic was cheaper then they will consider to purchase it. On the other hand‚ the high income earner mentioned that the high price of organic was not an
Premium Nutrition Organic food Food
Principles of Economics II – Microeconomics Homework #1: Ch 4~6 and Article Questions Article Questions Please download the associated article. “Fare Hike...” 1. Based on the article‚ are taxi fares more elastic or less elastic for drivers? Passengers? How do you know? Give at least 3 reasons. 2. If given a chance‚ do you think that cab drivers would have raised the amount that high? Why/not? Chapter Questions Ch 4 Questions: 1. Consider the market for eggs. For each of the events
Premium Supply and demand
Jeffery Kesterson Monique Babin WR-122 15 May 2015 Is Organic Food Really Healthier For You? Maya W. Paul wrote an article for Helpguide.com about organic foods geared towards helping people understand how to read organic food labels and their benefits and claims. When she wrote her definition for the word “organic”‚ she defined it as: Organic crops must be grown in safe soil‚ have no modifications‚ and must remain separate from conventional products. Farmers are not allowed to use synthetic pesticides
Premium Organic food Organic farming Genetically modified organism
that with all of the buzz about organic foods that we have available‚ that we would slowly be getting better with our weight as a country. Unfortunately the reality of the situation is organic food are expensive and with the way the economy is today many people are working on a budget and simply cannot afford to splurge on the organic items. So now that we know that lets look at the second half of that equation‚ Fast Food! Now as much as people criticize the fast food industry it’s convenient and
Premium Fast food Sustainable agriculture Nutrition
the economy achieved greater efficiency in the production of tables‚ how would the production –possibilities curve change? (f) If a more efficient method of producing chairs were developed‚ how would the curve change? (g) Suppose more economic resources (labour‚ materials‚ and capital) became available. How would the curve change? Q2. (15 points) The following table describes the production possibilities of two cities. | Red SweatersPer Worker per Hour | Blue SweatersPer Worker
Premium Supply and demand Pricing Economics
TECHNOLOGICAL INSTITUTE OF THE PHILIPPINES COLLEGE OF BUSINESS EDUCATION Principles of Economics With Land Reform and Taxation (Econ 003) NAME : _______________________________________________ SCORE : ____________________________ MIDTERM QUIZ No. 1 (Take Home) SECTION: _____________________________ DIRECTION: Write the CAPITAL LETTER of the CORRECT ANSWER on the space provided. Any form of ERASURES is strictly not allowed. 1. If you were running a firm in a perfectly competitive
Premium Supply and demand Economics Monopoly
ORGANIC vs. INDUSTRIAL FOOD Written By: Jason Bridges Advanced Composition – 2012 DeVry University Have you ever been standing in the grocery store‚ undecided on whether there really is a difference between the standard store brand ribeye steak and the organic‚ grain fed‚ free range ribeye that costs twice as much? Ever had little devil on one shoulder telling you one thing‚ and the angel on the other convincing you the devil is wrong? Is cost the only thing holding you back from shelling
Premium Organic food Pesticide Organic farming
weather can affect food prices Diagram 1 - supply and demand: P = Price Q = Quantity D = Demand S = Supply Q₁‚ P₁ = Original equilibrium Q₂‚ P₂ = New equilibrium Diagram The main factor that I will focus on in this price shift is the weather. That is because the weather is one of the most important factors when it comes to agriculture. As you can see in the diagram above; when the supply decreases there will
Premium Supply and demand Food security Poverty