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Question
Microeconomics
Posted 8 months ago
According to the law of demand, what happens when the price of a robotic sandwich stuffer decreases?
Choose 1 answer:
(A) The quantity supplied of robotic sandwich stuffers increases
(B) The demand for the stuffing used by sandwich stuffers decreases
(c) The quantity demanded of robotic sandwich stuffers increases.
D The supply of robotic sandwich stuffers decreases
(E) The demand for robotic sandwich stuffers decreases
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Answer from Sia
Verified answerPosted 8 months ago
Solution
a
Law of Demand: According to the law of demand, when the price of a good decreases, the quantity demanded for that good increases, all else being equal
b
Application to Robotic Sandwich Stuffers: When the price of robotic sandwich stuffers decreases, consumers will be more willing and able to purchase them, leading to an increase in the quantity demanded
Answer
(C) The quantity demanded of robotic sandwich stuffers increases.
Key Concept
Law of Demand
Explanation
The law of demand states that there is an inverse relationship between the price of a good and the quantity demanded. When the price of robotic sandwich stuffers decreases, the quantity demanded increases.
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