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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 happens to demand and demand curve when there is an increase in the factor?
If there is an increase in demand then a new demand curve appears to the right of the original, but if there is an increase in quantity demanded, then there will only be an increase in price and a new demand curve will not appear.
Relationship between Marginal revenue and Demand curve?
marginal revenue always lies behind the demand curve,and when demand increases marginal revenue also increases.demand curve is used to determine price of a commodity.
What factor will cause the demand curve for labor to shift to the right?
It is something
What are the three characteristics of a supply curve?
The three characteristics of a supply curve are the slope, shift, and the curve's position. Together they help determine supply and demand trends.
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.
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 happens to demand and demand curve when there is an increase in the factor?
If there is an increase in demand then a new demand curve appears to the right of the original, but if there is an increase in quantity demanded, then there will only be an increase in price and a new demand curve will not appear.
Relationship between Marginal revenue and Demand curve?
marginal revenue always lies behind the demand curve,and when demand increases marginal revenue also increases.demand curve is used to determine price of a commodity.
What factor will cause the demand curve for labor to shift to the right?
It is something
What are the three characteristics of a supply curve?
The three characteristics of a supply curve are the slope, shift, and the curve's position. Together they help determine supply and demand trends.
How can one determine the market demand curve for a product or service?
To determine the market demand curve for a product or service, one can conduct market research to gather data on consumer preferences, pricing, and purchasing behavior. By analyzing this data, economists can plot the relationship between the quantity demanded and the price of the product or service, resulting in a demand curve that shows the level of demand at different price points.
In economics what is the meaning of the term 'demand curve'?
Graphical representation of law of demand that is change in quantity demanded due to change in price keeping other factors constant is demand curve. It is downward sloping as there is inverse relation between price and quantity demanded.
True or False the steeper the demand curve the less elastic the demand curve?
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
Is a demand curve created from a demand schedule?
The data on a demand schedule can be plotted on a demand curve. Often, a demand schedule will be created before the creation of a demand curve, so as to allow for greater accuracy when plotting the demand curve.
What is the difference between fall in demand and contraction in demand?
A contraction in demand is caused by an increase in Price and illustrated by a movement up the demand curve. A decrease in demand is caused by any non-price factor (e.g. advertising, tastes and preferences and price of substitute goods) and is illustrated by an inward shift in the demand curve.
Is an increase in demand represented by a movement up the demand curve?
An increase in demand is represented by a shift of the demand curve to the right; not a movement along the demand curve. An increase in the quantity demanded would be a movement down the demand curve.
