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If the price of a video game increased what would the law of supply predict about the quantity supplied of the game?
Wiki User
∙ 11y ago
the law of supply would increase the quantity of the game
Wiki User
∙ 11y ago
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What is an example that displays the law of supply?
An example of the Law of Supply is: The price of an object increased, so the quantity supplied of that object also increased.
How do you Explain the difference between change in supply and change in quantity supplied?
A change in supply means that the supply curve has shifted. With a stable demand, this will result in a change in the quantity supplied but also a change in price. A change in only quantity supplied without a change in supply would require a horizontal supply curve. Alternatively a change in quantity supplied and price may occur if there is a shift of the demand curve.
An increase in quantity supplied is represented by?
An increase in quantity supplied is represented by demand.
When does law of supply occur?
When price rises, the quantity supplied rises; as price falls, the quantity supplied falls.
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.
What is an example that displays the law of supply?
An example of the Law of Supply is: The price of an object increased, so the quantity supplied of that object also increased.
When quantity supplied is greater than quantity demanded there is?
Excess supply.
How do you Explain the difference between change in supply and change in quantity supplied?
A change in supply means that the supply curve has shifted. With a stable demand, this will result in a change in the quantity supplied but also a change in price. A change in only quantity supplied without a change in supply would require a horizontal supply curve. Alternatively a change in quantity supplied and price may occur if there is a shift of the demand curve.
An increase in quantity supplied is represented by?
An increase in quantity supplied is represented by demand.
When does law of supply occur?
When price rises, the quantity supplied rises; as price falls, the quantity supplied falls.
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.
What is it called when quantity supplied is more than quantity demanded?
Excess supply.
Why is the slope of supply an unsatisfactory measure of the responsiveness in the quantity supplied of a commodity to a change in its price?
why is the slope of supply an unsatifactory measure of the responsiveness in quantity supplied of a commodity to a change in its price
What statement refers to the law of supply?
Law of supply states that other factors remaining constant, supply is the function of its price where an increase in price of the commodity increases quantity supplied in the the market and a decrease in price reduces quantity supplied.
What is a measure of the way quantity supplied reacts to a change in price?
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
What is the measure of the way quantity supplied reacts to change in price?
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
The measure of the way quantity supplied reacts to change in price is?
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
