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When the price of a good or a service changes, people will generally buy that good or service in plenty. People generally love getting real value for their money.
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What changes would not shift the demand curve for a good or service?
B a change in the price of the good or service
What is a price consumption line?
A price consumption lines show a consumer's demand for a good or service after price changes. It is draw through the equilibrium of an indifference curve and the budget line
A minimum price for a good or service?
price floor
What is a minimum price for a good or service?
price floor
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
What changes would not shift the demand curve for a good or service?
B a change in the price of the good or service
Can you find price elasticity if there is no change in price?
There must be a change in the price to calculate the price elasticity. Elasticity depends on the changes in the demand of a good or service based on the change in the price of a good or service.
What is a Price line?
A price consumption lines show a consumer's demand for a good or service after price changes. It is draw through the equilibrium of an indifference curve and the budget line
What is a price consumption line?
A price consumption lines show a consumer's demand for a good or service after price changes. It is draw through the equilibrium of an indifference curve and the budget line
Definition for ''law of demand''?
In economics, the law of demand states:- As the price of a good or service increases, the demand for that good or service will decrease.- As the price of a good or service decreases, the demand for that good or service will increases.
A minimum price for a good or service?
price floor
What is a minimum price for a good or service?
price floor
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
What happens when there is an increase in price for good and service combined with a reduction in the value of money?
When there is an increase in prices for good and services combined with a reduction in the value of money it is known as inflation.
What is a price ceiling and a price floor?
Price ceiling- a legal maximum price that may be changed for a particular good or service. Price floor- a legal minimum price below which a good or service may not be sold.
What is the amount of money exchanged for a good or service?
PRICE
The law of demand state that all else constant?
The law of demand 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. The opposite happens if the price decreases the need for the good or service increases.
