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What are the two non-price factors of supply?
demand and availability
What are two factors that regulate a marketplace according to Adam smith?
Supply and demand are the 2 factors that regulate a marketplace.
What are Giffen and Veblen goods?
Giffen and Veblen goods are examples of the violation of the law of demand. For these two commodity types, as price increases, so does demand for them.
Why does demand curve slope downward from left to right?
We have seen already that demand curves (price Demand) slope downwards from left to right. Since demand curve is only a geometrical representation of the law of demand with 'quantity' on the X axis, and 'price' on the Y axis, the shape of the demand curve has to be necessarily of one sloping downwards showing that more is demanded at a lower price. The question why does the demand curve slope downwards is an indirect way of asking why does the law of demand operate. What are the reasons behind the operation of law of demand? why do people demand more if price comes down? So it is better to discuss the reasons behind the law of demand or the economics of law of demand in order to understand the question under discussion.
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.
What two factors determine market structure?
demand and supply
What are the two non-price factors of supply?
demand and availability
Two goods that are bought and used together?
Law of demand
How and why does demand for energy change?
Two factors are: economic activity and weather.
What are two factors that regulate a marketplace according to Adam smith?
Supply and demand are the 2 factors that regulate a marketplace.
What are the Laws of economics?
Laws of economics are general statements which expresses a relationship of cause and effect between two economic phenomenon. Examples of economic laws: (i) The law of demand states that the higher the price, the lower the damand and the lower the demand the higher the price holding all other factors constant. (ii) The law of supply states the the higher the price, the higher the supply and the lower the price the lower the supply holding all other factors constant.
Governments are based on what two factors?
People
What are Giffen and Veblen goods?
Giffen and Veblen goods are examples of the violation of the law of demand. For these two commodity types, as price increases, so does demand for them.
What two factors affect boyle's law?
Amount of Gas Temperature
What are the main factors that can change market prices?
Market prices are directly dependent on the two main factors that govern an economy: Supply and Demand. If the supply of a certain item does not meet the current demand, then the price will rise, and vice-versa.
The Electoral college votes are based on what two factors?
government and management
The law of demand results from which two patterns of behavior?
substitution effect and income effect :) 100% accurate
