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Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much quantity of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand.
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Explain what happens when the demand curve intersects with the supply curve?
explain what happens inside curve sample
For a given increase in supply the slope of both demand curve and supply curve affect the change in equilibrium quantity Is this statement true or false Explain with diagrams?
For a given increase in supply the slope of both demand curve and supply curve affect the change in equilibrium quantity Is this statement true or false Explain with diagrams?
What happens if demand curve interacts with the supply curve?
Then demand and supply are equal.
What is needed to dertermine the equilibrium of a good or service?
by finding where the supply curve and the demand curve intersect
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
Explain what happens when the demand curve intersects with the supply curve?
explain what happens inside curve sample
For a given increase in supply the slope of both demand curve and supply curve affect the change in equilibrium quantity Is this statement true or false Explain with diagrams?
For a given increase in supply the slope of both demand curve and supply curve affect the change in equilibrium quantity Is this statement true or false Explain with diagrams?
What happens if demand curve interacts with the supply curve?
Then demand and supply are equal.
What is needed to dertermine the equilibrium of a good or service?
by finding where the supply curve and the demand curve intersect
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
Supply and demand graph curve of hybrid cars?
supply and demand curve for hybrid vehicles
What is needed to determine equilibrium price of a good or a service?
a supply curve and a demand curveA supply curve and a demand curve.
What is needed to determine the equilibrium price of a good or services?
a supply curve and a demand curveA supply curve and a demand curve.
Is demand needed in equilibrium?
Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.
What happen to price when supply is constant and demand increaes?
prices will fall if demand decreases and the supply is constant. the supply curve will be vertical and demand curve will be downward sloping.
Will a technological advance shift the supply or demand curve?
it will shift the supply curve to the right
Movement along a demand curve?
explain graphically the movement along the demand curve
