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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.
What is demand schedule show?
A demand schedule is a table that illustrates the relationship between the price of a good or service and the quantity demanded by consumers at those prices. It typically lists various prices alongside the corresponding quantity that consumers are willing to purchase. This schedule helps to visualize how changes in price can affect consumer demand, highlighting the law of demand, which states that as prices decrease, the quantity demanded generally increases, and vice versa.
What happens when quantity demanded when the price goSe down and other prices don't?
When the price of a good decreases, the quantity demanded for that good typically increases, assuming all other factors remain constant (ceteris paribus). This relationship is described by the law of demand, which states that consumers are generally more willing and able to purchase more of a good when its price falls. As the price drops, consumers may perceive the good as a better value, leading to higher demand while the prices of other goods remain unchanged.
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.
What is demand schedule show?
A demand schedule is a table that illustrates the relationship between the price of a good or service and the quantity demanded by consumers at those prices. It typically lists various prices alongside the corresponding quantity that consumers are willing to purchase. This schedule helps to visualize how changes in price can affect consumer demand, highlighting the law of demand, which states that as prices decrease, the quantity demanded generally increases, and vice versa.
What happens when quantity demanded when the price goSe down and other prices don't?
When the price of a good decreases, the quantity demanded for that good typically increases, assuming all other factors remain constant (ceteris paribus). This relationship is described by the law of demand, which states that consumers are generally more willing and able to purchase more of a good when its price falls. As the price drops, consumers may perceive the good as a better value, leading to higher demand while the prices of other goods remain unchanged.
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 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 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 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
