Asked by
Savion Staton
on Oct 09, 2024
Verified
Which of the following will not cause the demand for product K to change?
A) A change in the price of close-substitute product J.
B) An increase in incomes of buyers of product K.
C) A change in the price of product K.
D) A change in consumer tastes for product K.
Close-Substitute
A good or service that can easily replace another in satisfying consumer needs, with very little change in consumption patterns.
- Differentiate between a change in demand and a change in quantity demanded.
Verified Answer
TM
Learning Objectives
- Differentiate between a change in demand and a change in quantity demanded.