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What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
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.
Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Which of the following is shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What is the different between Perfectly inelastic supply and inelastic supply?
Perfectly elastic supply curve: The supply of a commodity will be perfectly elastic when its price remain constant but supply changes to any extent.The supply curve will be parallel to x axis.The numerical value of elasticity of supply will be infinity. Perfectly inelastic supply curve: The supply of a commodity will be perfectly inelastic when its supply remain constant but price changes to any extent.The supply curve will be parallel to y axis.The numerical value of elasticity of supply will be zero.
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
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 the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Which of the following is shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
What is shown by the intersection of the supply and the demand curve?
the equilibrium price of a good or service
What is the different between Perfectly inelastic supply and inelastic supply?
Perfectly elastic supply curve: The supply of a commodity will be perfectly elastic when its price remain constant but supply changes to any extent.The supply curve will be parallel to x axis.The numerical value of elasticity of supply will be infinity. Perfectly inelastic supply curve: The supply of a commodity will be perfectly inelastic when its supply remain constant but price changes to any extent.The supply curve will be parallel to y axis.The numerical value of elasticity of supply will be zero.
Which most accurately describes how the equilibrium price of a good or a service can be determined?
By finding where the supply curve and the demand curve intersect.
What changes would not shift the demand curve for a good or service?
B a change in the price of the good or service
Which of the following most accurately describes how the equilibrium price of a good or service can be determinedAsk us anything?
By finding where the supply curve and the demand curve intersect
What is the difference between price elastic and unit elastic?
Unit elastic - Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic.
What are the causes of shifts in the supply curve?
Shifts WITHIN the supply curve are caused by changes in price. However, shifts of the supply curve are determined by the determinants of Supply. 1) Change in resource prices 2) Change in technology 3) Changes in taxes and subsidies 4) Change in prices of other goods 5) Change in expectations 6) Change in number of suppliers.
