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What are the key differences between inelastic demand and elastic demand in economics?
In economics, inelastic demand means that changes in price have little impact on the quantity demanded, while elastic demand means that changes in price have a significant impact on the quantity demanded.
What are the differences between a market in equilibrium and a market in disequilibrium?
equilibrium is the responsiveness of quantity demand to a change in price.
The primary difference between a change in demand and a change in the quantity demanded is?
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
What is the difference between a demand schedule and a demand curve?
a demand schedule is a table showing the relationship between the price of a good and the quantity demanded , but a demand curve is a graph showing the relationship between the price of a good and the quantity demanded.
What is the difference between a demand curve and a demand schedule, and how do they each represent the relationship between price and quantity demanded in economics?
A demand curve is a graphical representation of the relationship between price and quantity demanded, showing how the quantity demanded changes as the price changes. A demand schedule, on the other hand, is a table that lists the quantity demanded at different prices. Both the demand curve and demand schedule illustrate the law of demand, which states that as the price of a good or service decreases, the quantity demanded increases, and vice versa.
What are the key differences between inelastic demand and elastic demand in economics?
In economics, inelastic demand means that changes in price have little impact on the quantity demanded, while elastic demand means that changes in price have a significant impact on the quantity demanded.
What are the differences between a market in equilibrium and a market in disequilibrium?
equilibrium is the responsiveness of quantity demand to a change in price.
The primary difference between a change in demand and a change in the quantity demanded is?
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
What is the difference between a demand schedule and a demand curve?
a demand schedule is a table showing the relationship between the price of a good and the quantity demanded , but a demand curve is a graph showing the relationship between the price of a good and the quantity demanded.
What is the difference between a demand curve and a demand schedule, and how do they each represent the relationship between price and quantity demanded in economics?
A demand curve is a graphical representation of the relationship between price and quantity demanded, showing how the quantity demanded changes as the price changes. A demand schedule, on the other hand, is a table that lists the quantity demanded at different prices. Both the demand curve and demand schedule illustrate the law of demand, which states that as the price of a good or service decreases, the quantity demanded increases, and vice versa.
What is the relationship between the demand schedule and the demand curve in economics?
The demand schedule and the demand curve in economics both show the relationship between the price of a good or service and the quantity demanded by consumers. The demand schedule is a table that lists different prices and the corresponding quantities demanded, while the demand curve is a graphical representation of this relationship. The demand curve is derived from the demand schedule, with price on the vertical axis and quantity on the horizontal axis. Both the demand schedule and the demand curve illustrate how changes in price affect the quantity demanded, showing an inverse relationship between price and quantity demanded.
What is the difference between demand and quantity demanded?
demand = how much people want it quantity (supply) = how much you have/can sell When the demand drops, the supply increases, and when the supply increases, the demand drops, but it will turn around again, and when the supply is low, the demand increases, and when the demand increases, and the supply gets lower.
What is the demand relationship between price and quantity for this product?
The demand relationship between price and quantity for a product is typically inverse, meaning that as the price of the product increases, the quantity demanded by consumers tends to decrease, and vice versa. This is known as the law of demand.
What different between change in demand and change in quantity demand?
Change in demand is subjective, it could be increase or decrease in the qauntity of good or services asked for, while change in quantity demand is objective, it refers to actual quantity/amount of good or seevices requested /demanded .
How will demand effect price and quantity?
High Demand Lowers QuantityLow Demand increases price and quantity
What is behind the demand curve?
Law of demand is behind the downward sloping of demand curve,i.e. inverse relationship between price and quantity demanded.
Why demand curve slopes downward?
Demand curve is slope downward because of inverse relationship between price and quantity.
