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Supply decrease and demand is constant?
If the supply decrease and demand is constant, it will result into higher prices for the good. Ideally, this will automatically make the demand higher than market supply which creates scarcity.
Explain the say's law in economics?
states that supply creates its own demand.
What are the Keynes' critiques on classical economics?
One of the main critiques is on say's law, which is that supply creates its own demand. In a nutshell Keynes was able to explain the great depression by saying that demand creates supply. This is extremely simplified.
Why supply curve is positively sloped?
Increasing population creates increasing demand for goods
Why supply curve positively slope?
Increasing population creates increasing demand for goods
Say coined by Jean-Baptiste Say what does Say's Law say?
Supply creates demand
What happens to the price of a good or service when there is excess demand?
When there is excess demand for a good or service, the price typically increases. This is because the high demand creates a scarcity of the product, leading sellers to raise prices to balance supply and demand.
What is the Importance of equilibrium price and quantity?
The importance of equilibrium price and quantity is that it creates a point where there is no pressure on the market to shift supply or demand. Suppliers supply exactly the quantity demanded.
Demand rises and supply is constant?
No. If demand rises, then supply falls. Transveresly, if demand falls, then supply rises.
What happens if there is not enough supply for the demand?
If there is not enough supply for the demand, the demand won´t be able to buy the supply
Law of demand and supply?
Consumers is the law of supply and demand.
Sentence with supply and demand?
Her supply of tight sweaters increases the demand for her as a date on the weekend.
