Business, 13.01.2021 17:50 kimmmmmmy333

A rise in the price of Pepsi that causes a household to shift its purchasing pattern toward Coke and away from Pepsi is the effect of a price change. A) income B) substitution

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Answer from: nsjcbdhcb

Substitution ---B

Explanation:

When goods are closely related together such that they both give similar purpose , they are called Substitute goods.

Therefore when any of the substitute goods prices rises, Consumers will go for the cheaper alternatives which will provide more value for thier money.

Here, the rise in the price of Pepsi caused consumers to shift to a cheaper alternative which is Coke. Other substitute goods that can have the Substitution effect include beef and chicken, butter and margarine etc

Answer from: Quest

“what is occurring when you buy a united states saving bond? you are paying for your child’s college education. you are borrowing money from saving and loan association. you are loaning money to the government. “ i hope this information you.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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A rise in the price of Pepsi that causes a household to shift its purchasing pattern toward Coke and...

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