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What place is the place where supply and demand curves intersect?
Wiki User
∙ 13y ago
The point where supply and demand intersect is the equilibrium point. This is the point where quantity demanded and quantity supplied are equal.
Wiki User
∙ 8y ago
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Where does all the buying selling supply and demand for a product take place?
markets.
Can factors that affect demand also affect supply?
yes because they might demand more oil and eventually that ceartain place will start to run out
What if supply exceeds demand?
When supply exceeds demand, it is known as a surplus.Surpluses only occur among rational producers and consumers if a regulatory price floor is in effect (that is, the government mandates that the price of the good or service in question not go below a certain level). If no such regulation is in place, the price of the good or service will lower to the point where supply and demand are equal to one another.If the price of the good is lowered, then demand will increase.
When demand is greater than supply does prices decrease?
If there is no form of price control in place then yes it does.
How do you explain supply and demand?
DEMAND- Demand means the quantity of a commodity or service that a consumer is willing to by at given price,place and time. There are three elements of demand: 1.price of a commodity 2. quantity demanded 3.a specific time and place There are many types of demand,some of them are: price demand,income demand,cross demand or joint demand,composite demand,individual demand,market demand,etc. Law Of Demand: It explains the inverse relationship between the price and quantity demanded of a commodity. It states that other things remain constant,quantity demand of a commodity increases when its price declines and vice-versa. The other things which remain constant are income of consumers,price of relatedgoods,consumer taste and prefrences,etc. Demand curve always slopes downward due to law of demand. SUPPLY- Supply refers to the quantity of a commodity offered for sale at a given price,place[market] and time. Elements of supply- 1.It is a desired quantity,how much the producers are willing to sell not howmuch they actually sells. 2.price 3.market Law of Supply- It shows the direct relationship between price f a commodity andts supply. It statestht other things be equl,the supply of a commodity increases wih the increase in its price an vice-versa. Determinants of supply are: number of producers,taxes and subidies,natural factors,uture expectations regarding price. The supply curve is upward sloping because of the law of supply.
Where does all buying selling supply and demand for a product take place?
Market
Where does all the buying selling supply and demand for a product take place?
markets.
A location that place where two lines cross intersect?
the place where two lines intersect is a vertex.
Can factors that affect demand also affect supply?
yes because they might demand more oil and eventually that ceartain place will start to run out
What if supply exceeds demand?
When supply exceeds demand, it is known as a surplus.Surpluses only occur among rational producers and consumers if a regulatory price floor is in effect (that is, the government mandates that the price of the good or service in question not go below a certain level). If no such regulation is in place, the price of the good or service will lower to the point where supply and demand are equal to one another.If the price of the good is lowered, then demand will increase.
Define a market and identify and explain how various market forces would determine the price of a product or service?
If we bring together the supply and demand curves onto one diagram, we find that they intersect at only one price. This is the market or equilibrium price. Only at this price is the quantity demanded equally to the quantity supplied. The equilibrium or market price is arrived at by a gradual process. If trading takes place at prices other than the market price, there will be either a shortage or a surplus, which will cause the price to move until it settles at the equilibrium level.
What are elimination of excess demand and excess supply?
D. EquilibriumWhen supply and demand are equal (i.e. when the supply function and demand function intersect) the economy is said to be at equilibrium. At this point, the allocation of goods is at its most efficient because the amount of goods being supplied is exactly the same as the amount of goods being demanded. Thus, everyone (individuals, firms, or countries) is satisfied with the current economic condition. At the given price, suppliers are selling all the goods that they have produced and consumers are getting all the goods that they are demanding.As you can see on the chart, equilibrium occurs at the intersection of the demand and supply curve, which indicates no allocative inefficiency. At this point, the price of the goods will be P* and the quantity will be Q*. These figures are referred to as equilibrium price and quantity.In the real market place equilibrium can only ever be reached in theory, so the prices of goods and services are constantly changing in relation to fluctuations in demand and supply.
When demand is greater than supply does prices decrease?
If there is no form of price control in place then yes it does.
A location the place where two lines cross or intersect?
Two lines cross or intersect at a point.
Place where roads or paths meet?
Intersect
What do you call a place where two places intersect?
no
The place where two lines cross or intersect?
point
