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How does quantity supplied of a good with a large elasticity of supply react to price change?
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
What is the price elasticity of supply when the quantity supplied of a good rises from 120 to 140 as prices rise from 4 to 5.50?
the quantity supplied of a good rises from 120 to 140 as price rise from 4 to 5.50. what is the price elasticity of supply?
What is a table that shows the relationship between the price of a good and the quantity supplied?
Supply schedule
Which relationship is the BEST example of the Law of Supply?
The quantity of a good supplied rises as the price rises.
A shortage will develop when?
The market price is below the equilibrium price.
How does quantity supplied of a good with a large elasticity of supply react to price change?
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
What is the price elasticity of supply when the quantity supplied of a good rises from 120 to 140 as prices rise from 4 to 5.50?
the quantity supplied of a good rises from 120 to 140 as price rise from 4 to 5.50. what is the price elasticity of supply?
What generally happens to a quantity demanded when the price of a good goes up?
quantity demand decreases
What statement refers to the law of supply?
Law of supply states that other factors remaining constant, supply is the function of its price where an increase in price of the commodity increases quantity supplied in the the market and a decrease in price reduces quantity supplied.
What is a table that shows the relationship between the price of a good and the quantity supplied?
Supply schedule
Which relationship is the BEST example of the Law of Supply?
The quantity of a good supplied rises as the price rises.
A shortage will develop when?
The market price is below the equilibrium price.
When the selling price of a good goes up what is relationship to the quantity supplied?
In most cases, the quantity goes down since the demand is higher that what is being supplied, leading to high competition. But yes
If the supply of a good is inelastic?
Producers will not change their quantity supplied by much even if the market price doubles. There!
If the supply of a good inelastic?
Producers will not change their quantity supplied by much even if the market price doubles. There!
Define supply and supply schedule?
It is a table that lists of the amount of a product that producers are willing to produce at various market prices. It shows the relationship between price and quantity supplied for a specific good.
When are price ceilings and price floors binding?
A price ceiling is the legal maximum price at which a good can be sold, while a price floor is the legal minimum price at which a good can be sold. A price ceiling is only binding when the equilibrium price is above the price ceiling. The market price then equals the price ceiling and the quantity demanded exceeds the quantity supplied, creating a shortage of goods. A price floor is only binding when the equilibrium price is below the price floor. The market price then equals the price floor and the quantity supplied exceeds the quantity demanded, creating a surplus of goods.
