Web Analytics
231Takeover
Answered

Jack sells homemade chocolates and cookies. He expects the price of chocolates to increase around Valentine’s Day, so he prepares to make more chocolates in February. Which economic concept lies behind Jack’s decision to make more chocolates in February?


equilibrium

law of demand

law of supply

negative externality

positive externality

Verified Answer :

I believe the answer is:Law of demand

The law of demand dictate that if everything else being equal, the price of a product would increase if the demand of the product increases.

In the example above, the price of chocolate increase because more people want to obtain the product to give to their loved ones during valentine. This provide the incentive for the sellers to obtain more profit by increasing the price of the product during valentine.

The law of demand is the economic concept that ls behind Jack’s decision to make more chocolates in February

What is Law of demand?

The law of demand explains that When the price of a good is higher, the fewer the people that will demand that good.

Also, in a place of higher demand i.e more demands of a goods, people will buy even at a higher price.

Therefore, law of demand is the economic concept that lies behind Jack’s decision to make more chocolates in February.

Learn more on demand here,

https://brainly.com/question/4138396

Related Questions