florida orange juice and florida grapefruit juice are substitute goods. if the price of orange juice goes up, the _ for grapefruit juice will _ , and the demand curve of grapefruit juice will shift to .

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06-12-2022
Business

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florida orange juice and florida grapefruit juice are substitute goods. if the price of orange juice goes up, the _ for grapefruit juice will _ , and the demand curve of grapefruit juice will shift to .

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tutorconsortium609 tutorconsortium609 · Answer 1 · 2022-12-13T14:51:43-05:00

If the price of orange juice goes up, the price of grapefruit juice will decrease, and the demand curve for grapefruit juice will shift upward.

What Is the Demand Curve?

The relationship between the cost of an item or service and the quantity demanded over a specific time period is represented graphically by the demand curve.
The price and quantity demanded are often represented by the left vertical axis and the horizontal axis, respectively.

Why is the demand curve important?

When companies decide on prices, the demand curve can be a useful tool.
This is so that the demand curve may display the price at which consumer response begins to decline and the price at which demand is highest.
A demand curve is a graph representing the quantity demanded at each price.
Because it is a graphical representation of the demand schedules, the demand curve is occasionally referred to as a demand schedule.

If the price of orange juice goes up, the price of grapefruit juice will decrease, and the demand curve for grapefruit juice will shift upward.

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What Is the Demand Curve?

Why is the demand curve important?

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