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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
What is the definition of perfectly elastic supply?
The definition of perfectly elastic supply is a supply that can change along with the demand. This means if paper for example is not demanded in large quantities and then all of the sudden is there will be enough paper to supply the demand.
What does scarcity of resources mean in economics?
There is not enough of something (supply) to meet the demand. This prdonarily means that the price of that commodity will rise.
When supply of a product is not enough to meet demand?
scarity
What is the rule of supply and demand?
Supply depends on demand.The demand is how much a product is wanted.The supply is how many of a certain product is made.It depends on demand because if a product is not getting enough demand, the supply will come to a stop or become very low.
The supply and demand of a Ferrari is the same?
The demand for a ferrari is very high, and with very limited production it means the supply is very low. Meaning for whatever supply they put out the demand is always met.
Some economists believe the economy is self-regulating. What does this mean?
When an economy is self-regulating it means that the laws of supply and demand will be enough to control or monitor spending. If a supply is low the demand becomes higher, this in turn, may drive prices up if producers cannot keep up with consumer demand.
What is the difference between excess demand and excess supply?
Excess demand (a seller's market) means the product is in short supply and prices will rise. Excess supply (buyer's market) means too much product as compared to demand and therefore prices will fall.
How does an increase in demand shift the supply and demand curve to the left or right?
An increase in demand shifts the supply and demand curve to the right. This means that both the quantity demanded and the price of the product will increase.
When does excess demand occur in the equilibrium price?
Excess demand occurs when demand outweighs supply. This means there is a shortage of a good.
How scarcity affects a city manager?
Scarcity means that there are not enough supplies to fill the demand. Therefore, scarcity means that a city manager does not have enough supplies to fill the demand.
Why does supply and demand follow from the rules of economics?
when supply is up and there is enough to go around, prices fall. When supply is down or limited prices go up because there isn't enough to go around.
