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The law of demand states that all other things being equal, as the price of a commodity falls quantity demanded increases and vice versa.
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What is the basic economic principle that decides how high wages will be?
Supply and demand is the economic principle that decides how high wages will be
How does the principle of diminishing marginal utility explain the slope of the demand curve?
The principle of diminishing marginal utility explains the slope of the demand curve by letting us be able to see which direction the slope is in, which is always downward.
How the slope of the demand curve can be explained by the principle of marginal utility?
The demand curve is negatively sloped because it is based on the principle of marginal utility and this utility decreases as consumption increases. The demand price which depends on the marginal utility of a good also declines as consumption increases, so quantity and price are inversely related, leading to the negative curve and the law of demand.
What is the basic economic that decides how high wages will be?
Supply and demand is the economic principle that decides how high wages will be
Why is there a high demand for nursing?
The two principle reasons are a lack of nursing education programs, and the aging of baby boomers.
Why is the revenue recognition principle needed what does it demand?
plz tell me that ,ans of that ,3rd point that ,to enable the securing of loan or??
The idea that if a product seems rare more people will want to buy it is part of?
The principle of supply and demand (apex)
What two things make a product have value?
The principle of "supply and demand". If the supply of a product is higher than the demand, the product is worth less due to its availability. Conversely, if the demand exceeds the supply, then the products is worth more due to its rarity.
Should rug sellers' increase the price of rugs due to the high demand?
If a product is in high demand, the chances are good that the seller of that product is going to increase the price. It is a basic principle of economics.
What is a basic principle of the law of demand?
A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.
What spinal nerves form a plexus?
Form and function. Demand and supply. This principle is diligently followed in anatomy and physiology.
How is supply and demand an expression of liberal ideology Name a liberal principle it upholds?
Supply and demand is an expression of liberal ideology in that it upholds the principle of individual liberty. This principle holds that each individual is free to pursue their own goals and desires, without interference from others. This includes the freedom to buy and sell goods and services in a free market. The supply and demand curve shows how different prices for a good or service affects the quantity that is supplied or demanded. When the price is high, there is a higher quantity demanded and vice versa. This relationship is determined by the willingness and ability of buyers and sellers to trade at different prices.
