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What happens after the demand for a fad drops?
The price goes down, and the quantity supplied goes up
What happens to a market in equilibrium when there is an increase in supply?
Quantity supplied will exceed quantity demanded, so the price will drop.
How does the quantity supplied change as the price increases?
As the price increases, the quantity supplied also increases. This is known as the law of supply, which states that there is a direct relationship between price and quantity supplied.
When does law of supply occur?
When price rises, the quantity supplied rises; as price falls, the quantity supplied falls.
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 happens to quantity when price is lowered?
lowered
What happens after the demand for a fad drops?
The price goes down, and the quantity supplied goes up
What happens to a market in equilibrium when there is an increase in supply?
Quantity supplied will exceed quantity demanded, so the price will drop.
At equilibrium price the quantity is demanded always equal to the quantity supplied?
Yes, the equilibrium price equates the quantity supplied to the quantity demanded.
How does the quantity supplied change as the price increases?
As the price increases, the quantity supplied also increases. This is known as the law of supply, which states that there is a direct relationship between price and quantity supplied.
When does law of supply occur?
When price rises, the quantity supplied rises; as price falls, the quantity supplied falls.
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).
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).
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).
What is the price called at which the quantity demanded is equal to the quantity supplied?
equilibrium price
When quantity demanded is greater than quantity supplied the price will?
the price increase
A shortage develop when?
The equilibrium quantity supplied is lower than the actual quantity supplied. The market price is below the equilibrium price.
