Question

lesson 1: law of demand

1. because luxury cars have answer, even a small price increase can significantly impact sales as consumers can switch to a cheaper alternative.
2. once the winter weather moved in the answer for swimsuits decreased.
3. despite a recent price hike, shell was able to maintain its sales on gasoline due to the relatively answer demand for its essential product.
4. during the holiday season many animals are adopted from shelters as gifts which causes there to be an increase in pet food/accessories sales. this is because the pet and their needs are answer.
5. when the coffee shop raised their prices on their signature latte, the answer kicked in, and fewer customers were willing to buy it.
6. when a brand of soda raises its prices, consumers will often buy a cheaper answer like generic brands.

an elastic demand complementary goods law of demand substitute inelastic demand

Explanation:

1. Luxury cars have elastic demand as consumers can switch to cheaper alternatives. A small price - increase affects sales significantly.
2. When winter comes, the demand for swimsuits decreases due to lower need for them.
3. Gasoline is an essential product, so its demand is inelastic, allowing Shell to maintain sales despite a price hike.
4. Adopting pets leads to an increase in sales of pet - food and accessories as they are complementary goods.
5. When the coffee shop raises prices, the law of demand kicks in, and fewer customers buy.
6. When a soda brand raises prices, consumers buy cheaper substitutes like generic brands.

Answer:

1. AN ELASTIC DEMAND
2. DEMAND
3. INELASTIC
4. COMPLEMENTARY GOODS
5. LAW OF DEMAND
6. SUBSTITUTE