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What generally happens to quatity demanded when the price of a good goes up and other prices stay the same?
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What happends when quantity supplied is less than quantity demanded?
Generally, prices will fall and only rise again when demand increases.
What is theory of demand in economics?
The theory of demand states that the relation between price and quantity demanded is inversely proportional i.e. if prices go up, quantity demanded falls if prices go down, quantity demanded increases
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.
If prices rise but income stays the same what is the effect on the quantity demanded?
If the price rises, the quantity demanded declines. .
What does increase in demand mean?
the quantity demanded at each price in a set of prices is greater
What happends when quantity supplied is less than quantity demanded?
Generally, prices will fall and only rise again when demand increases.
What is theory of demand in economics?
The theory of demand states that the relation between price and quantity demanded is inversely proportional i.e. if prices go up, quantity demanded falls if prices go down, quantity demanded increases
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.
When equilibrium demanded is greater than quantity the market prices will what?
rise
Why do people buy more of something at lower prices and less at higher prices?
the law of demand. an inverse relationship between the quantity demanded and the price of the product (the lower the price the higher the quantity demanded).
What happens when a company is monopolized?
When a company is monopolized free enterprise is destroyed, that industry's product prices are reduced, business generally prospers and consumers generally don't.
What does in demand mean?
the quantity demanded at each price in a set of prices is greater
If prices rise but income stays the same what is the effect on the quantity demanded?
If the price rises, the quantity demanded declines. .
What does increase in demand mean?
the quantity demanded at each price in a set of prices is greater
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What is demand curve?
It is a graphical representation of a demand schedule showing the quantity demanded at different prices.
What economic indicator describes the process of generally declining prices?
Deflation describes the process of generally declining prices.
