Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Join our Q&A platform to connect with experts dedicated to providing precise answers to your questions in different areas. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
Answer:
an increase in the price of natural gas will increase demand for his electrical heating systems
Explanation:
In this question, electrical heat pumps and natural gas are substitutes
Substitute goods are goods that can be used in place of another good.
if the price of a good increases, the demand for the substitute increases and if the price of the good reduces, the demand for the substitute increases.
If the price of natural gas increases, the quantity demanded of natural gas would reduce in line with the law of demand. According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded
As a result of the increase in price of natural gas, consumers would increase their demand for electric heat pump and there would be an increase in demand for the good
We hope this was helpful. Please come back whenever you need more information or answers to your queries. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.
