Business, 28.02.2020 23:28 sadieruegner393

If the price of a product increases, then the budget line rotates and the optimal quantity demanded, which corresponds to the higher price, decreases. the budget line rotates and the optimal quantity demanded, which corresponds to the higher price, increases. the budget line shifts outward and the optimal quantity demanded, which corresponds to the higher price, decreases. the budget line shifts inward and the optimal quantity demanded, which corresponds to the higher price, increases.

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Answer from: alyonaprotopopova

Budget Line rotates inwards (leftwards/ downwards) on that axis, optimal quantity demanded at that higher price .

Explanation:

Budget line represents product combinations that a consumer can afford , using all income with given prices & income.

If price of a product increases, the consumer can consume lesser amount of the product due to higher prices . So, the budget line rotates inwards (leftwards / downwards) on the corresponding x / y axis denoting that good.

So, inwards rotation of the budget line on the corresponding axis representing the price risen good - leads to reduction in the quantity of the good whose price has risen.

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

Answer from: Quest

there's 11 people for the 1st position. then, no matter who gets it, there's only 10 left for the second, and then 9 left for the third. 11 x 10 x 9 = 990. the answer is there are 990 different ways the positions can be filled by these applicants

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