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Which of these statements refers to the law of supply?
producers will supply as the good price Producers will supply more of a product as the price goes up. A+
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
What two conditions must producers meet for there to be supply of a product?
Quantity and price
When demand for an item decreases and the supply increases the price of the item will likely?
The price of the item will likely decrease - as there're more stock than demand for the product.
Supply curves are positively sloped because?
The Supply Curve has a positive slope because as the selling price of the product increases, the willingness of producers to create that product increases as well. With the greater incentive to make that product, production will rise in direct proportion to how much price increases.
Which of these statements refers to the law of supply?
producers will supply as the good price Producers will supply more of a product as the price goes up. A+
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
What two conditions must producers meet for there to be supply of a product?
Quantity and price
What types of data is most likely NOT to be formatted as a text string Social Security number Telephone number Product price Street Address?
product price
When demand for an item decreases and the supply increases the price of the item will likely?
The price of the item will likely decrease - as there're more stock than demand for the product.
Supply curves are positively sloped because?
The Supply Curve has a positive slope because as the selling price of the product increases, the willingness of producers to create that product increases as well. With the greater incentive to make that product, production will rise in direct proportion to how much price increases.
What does exclusive of gst mean?
It means Goods and Services Tax is not included in the stated product's price. However, the GST will likely be added to the price upon purchase of that product.
What does market period means?
it is a period in which producers of a product are unable to change the quantity produced in response to a change in its price and in which there is a perfectly inelastic supply.
What does A raise in the price of a product causes?
The rise in the price of a product is going to cause: 1. consumer demand of product to decrease 2. producers supply decreases 3. equilibrium price is uncertain because both demand and supply are shifting However if demand grows relatively more than supply, price will rise, but if supply grows relatively more than demand, price will fall.
What does a raise in the price of a product cause?
The rise in the price of a product is going to cause: 1. consumer demand of product to decrease 2. producers supply decreases 3. equilibrium price is uncertain because both demand and supply are shifting However if demand grows relatively more than supply, price will rise, but if supply grows relatively more than demand, price will fall.
The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
What would most likely happen to the price of a product if the supply of that product decreased?
Supply is inversely proportional to inflation, so the priceof the product will decrease
