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Explain the influence on demand (if any) of the given changes A new, less expensive substitute good is introduced into the market. The price of
Explain the influence on demand (if any) of the given changes
- A new, less expensive substitute good is introduced into the market.
- The price of a complementary good falls.
The price of the
- The government opens ups it borders to completely free immigration.
- The good in question becomes more popular with consumers.
- The cost of producing the good rises.
- There is an expectation of higher future prices. What would happen to present demand?
- It is a normal good and buyers' incomes increase.
- It is an inferior good and buyers' incomes rise.
- The price of the good rises.
- A change in technology makes production more efficient
- The price of an independent good rises.
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