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What law states that consumers are willing and able to buy more of a good or service when the price goes down?
Wiki User
∙ 12y ago
law of demand
Wiki User
∙ 12y ago
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What is the amount of a good or service that consumers are willing to buy at a certain price?
supply
Is demand defined as the amount of a good or service that consumers are willing and able to buy at a price?
yes
Consumers who are willing and able to purchase a product or service create an economic situation referred to as?
Consumers who are willing and able to purchase a product or service create an economic situation referred to as supply and demand. The price of the product or service tends to rise and fall depending on these factors.
What economic law states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service?
India's national animal is tiger
Does the convenience affect the price consumers are willing to pay for a product?
yes
What is the amount of a good or service that consumers are willing to buy at a certain price?
supply
Is demand defined as the amount of a good or service that consumers are willing and able to buy at a price?
yes
The relationship between the price of a good or service and the quantity that consumers are willing to purchase is known as?
Demand is the best answer
Consumers who are willing and able to purchase a product or service create an economic situation referred to as?
Consumers who are willing and able to purchase a product or service create an economic situation referred to as supply and demand. The price of the product or service tends to rise and fall depending on these factors.
What economic law states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service?
India's national animal is tiger
What is demanded?
It is an amount consumers are willing and able to purchase at a given price.
Does the convenience affect the price consumers are willing to pay for a product?
yes
How does quantity demanded differ from demand?
In Economics, demand is defined as the quantity of a good or service consumers are willing and able to buy at a range of prices.Quantity demanded is defined as the quantity of a good or service consumers are willing and able to buy at a price.Quantity demanded is the amount of a good or service consumers demand at one price, whereas demand encompasses each and every instance of quantity demanded. So, on a demand curve, the curve (line) represents demand, while a point on the line represents the quantity demanded at that price.
What would happen if suppliers charge less than the equilibrium price for your good or service?
producers would supply less than consumers would be willing to consume at that particular price. There would be SHORTAGE
The price consumers are willing to pay for a product minus the price they actually pay is called?
Consumer surplus
What law states that businesses are willing and able to produce more of a good or service as the price goes up?
Law of Supply
What do economists mean when they say that quantity demand and price have an relationship?
The law of demand states that when the price of a good or services falls, consumers buy more of it. As the price of a good or service increases, consumers usually buy less of it. In other words, quantity demanded and price have an inverse, or opposite, relationship.
