Question

Many businesses today are abandoning the traditional business attire and allowing their employees to come to work in business casual that typically does not include ties, cufflinks, or business suits. There has been a decrease in the sale of silk ties as a result of this cultural trend. A decrease in consumer demand for silk ties has led to a decrease in demand for silk because the demand for silk is ________.

1. Consumer
2. Dependent
3. Derived
4. fixed inelastic

Answer 1

2. Dependent

Step-by-step explanation:

this scenario can be explain from the Law of economics on Demand and supplies, which states that " the higher the price the lower the quantity demanded and the lower the quantity supply and vice versa".

though, the bussiness action is not affected by price, but other factors of economic which is culture, but they can be used interwoven.

we can see from the law of demand is dependent on price.\

therefore, A decrease in consumer demand for silk ties has led to a decrease in demand for silk because the demand for silk is dependent on the consumer usage.

demand of goods is dependent on the price and also on the consumer usage.