Results for: Supply-and-demand

Explain demand and supply?

Demand is the quantity of a good or service that a consumer is willing and able to purchase at various prices at a given time. The law of demand states that as the price of a (MORE)

What came first supply or demand?

Sometimes supply, sometimes demand.  Certain items are invented before there is a great demand for them. EX: a piano.  Other items are created because there is a great deman (MORE)

What is the difference between demand and supply?

Demand refers to the quantity of a commodity which a consumer is willing to buy at a given price in a given period of time. Supply is quantity of a commodity that a seller or (MORE)

How does supply and demand work?

Demand is basically the desire to own something and the ability to  pay for it, while supply is the amount of a good or service offered  for sale. When the two are combined (MORE)

What are the factors affecting demand and supply?

Factors affecting demand:   1. Price: when P goes up, demand goes down and vice versa.   THE CETERIS PARIBUS CLAUSE: if P changes, other factors will remain  the same (MORE)

What is the relationship between supply and demand?

The relationship is an inverse one. When demand increases, supply decreases. When supply decreases, demand increases etc. You can see the graph here http://www.mikeonads.com (MORE)