Answer to Question #186839 in Microeconomics for Kitty

Question

. Consider the items that you and/or your family purchase most often. How does

competition affect the price and the quantity, as well as the quality, of the things that

you or your family buy?

Answer 1

When a basic good i.e rice is required by the family and it is expensive, the family can prefer to buy wheat which is a lower quality food or an alternative basic want that fits the amount at hand.