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Why does quantity supplied tend to increase when prices go up and decrease when prices go down?
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Definition of producer surplus?
the utility to a producer from living in a market where a greater quantity will be supplied when prices increase
How is unemployment related to supply and demand?
when people are unemployed, it means there is a decrease in the workforce and a decrease in the quantity supplied as firms cannot produce as much as they could before. as there is a decrease in the supply, prices fall and demand increases.
An increase in supply reduces equilibrium price but increases equilibrium quantity a decrease in supply increases equilibrium prices but reduces equilibrium quantity. True or False?
True
When quantity supplied and quantity demanded increase due to improved technology what happens?
An increase in technology will cause a shift in supply curve due to lowered production costs. This increased supply will put downward pressure on prices, driving up quantity demanded.
''Falling oil prices have caused a sharp decrease in the supply of oil'' Speaking precisely and using terms as they are defined by economists. Write the statement that best describes this statement?
The quotation is incorrect: A decrease in price causes a decrease in the quantity supplied, not a decrease in supply.
Definition of producer surplus?
the utility to a producer from living in a market where a greater quantity will be supplied when prices increase
How is unemployment related to supply and demand?
when people are unemployed, it means there is a decrease in the workforce and a decrease in the quantity supplied as firms cannot produce as much as they could before. as there is a decrease in the supply, prices fall and demand increases.
An increase in supply reduces equilibrium price but increases equilibrium quantity a decrease in supply increases equilibrium prices but reduces equilibrium quantity. True or False?
True
When quantity supplied and quantity demanded increase due to improved technology what happens?
An increase in technology will cause a shift in supply curve due to lowered production costs. This increased supply will put downward pressure on prices, driving up quantity demanded.
When prices decline and quantity demanded goes up do quantity supplied go down?
When price goes up, Quantity supplied goes up with it, vise versa.
''Falling oil prices have caused a sharp decrease in the supply of oil'' Speaking precisely and using terms as they are defined by economists. Write the statement that best describes this statement?
The quotation is incorrect: A decrease in price causes a decrease in the quantity supplied, not a decrease in supply.
What is a supply curve?
a graph of the quantity supplied of a good at different prices.
What happends when quantity supplied is less than quantity demanded?
Generally, prices will fall and only rise again when demand increases.
What best explains the purpose of the supply schedule?
to show the relationship between quantity supplied and prices
''Rising oil prices have caused a sharp decrease in the demand for oil.'' Speaking precisely and using terms as they defined by economists choose the statement that describes this quotes?
The quotation is incorrect: An increase in price causes a decrease in the quantity demanded, not a decrease in demand.
Why prices of gold increase or decrease in the market?
Because pickles
What is the difference between supply and quantity supplied?
Supply is the amount of a product offered for sale at all possible prices that can succeed in a market; while quantity supplied is the amount that producers are willing and able to supply are a certain price.
