Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 4 - Part II - The Market Forces of Supply and Demand - Quick Check Multiple Choice: 1

Answer

b. the price of hamburgers

Work Step by Step

Price does not determine supply or demand of a good. Supply and demand determine the price of a good. The price of hot dogs, a substitute affects the demand for hamburgers. The price of hamburger buns, a compliment, affects the demand for hamburgers. Consumer income affects hamburger demand.
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