0
What else can I help you with?
What usually happens to the demand for a good or service when the price increases?
When the price of a good or service increases, the demand for it usually decreases.
What changes would not shift the demand curve for a good or service?
B a change in the price of the good or service
If only the price for a good or service changes does the supply curve shift why or why not?
No, the supply curve does not shift if only the price of a good or service changes; instead, it results in a movement along the supply curve. A shift in the supply curve occurs when there are changes in factors other than price, such as production costs, technology, or the number of suppliers. When the price changes, suppliers either increase or decrease the quantity they are willing to produce, but the underlying supply relationship remains the same.
What happens to the price of a good or service when there is excess demand?
When there is excess demand for a good or service, the price typically increases. This is because the high demand creates a scarcity of the product, leading sellers to raise prices to balance supply and demand.
What is a price consumption line?
A price consumption lines show a consumer's demand for a good or service after price changes. It is draw through the equilibrium of an indifference curve and the budget line
What usually happens to the demand for a good or service when the price increases?
When the price of a good or service increases, the demand for it usually decreases.
What changes would not shift the demand curve for a good or service?
B a change in the price of the good or service
Can you find price elasticity if there is no change in price?
There must be a change in the price to calculate the price elasticity. Elasticity depends on the changes in the demand of a good or service based on the change in the price of a good or service.
What is a Price line?
A price consumption lines show a consumer's demand for a good or service after price changes. It is draw through the equilibrium of an indifference curve and the budget line
If only the price for a good or service changes does the supply curve shift why or why not?
No, the supply curve does not shift if only the price of a good or service changes; instead, it results in a movement along the supply curve. A shift in the supply curve occurs when there are changes in factors other than price, such as production costs, technology, or the number of suppliers. When the price changes, suppliers either increase or decrease the quantity they are willing to produce, but the underlying supply relationship remains the same.
What happens to the price of a good or service when there is excess demand?
When there is excess demand for a good or service, the price typically increases. This is because the high demand creates a scarcity of the product, leading sellers to raise prices to balance supply and demand.
What is a price consumption line?
A price consumption lines show a consumer's demand for a good or service after price changes. It is draw through the equilibrium of an indifference curve and the budget line
Definition for ''law of demand''?
In economics, the law of demand states:- As the price of a good or service increases, the demand for that good or service will decrease.- As the price of a good or service decreases, the demand for that good or service will increases.
A minimum price for a good or service?
price floor
What is a minimum price for a good or service?
price floor
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
What happens when there is an increase in price for good and service combined with a reduction in the value of money?
When there is an increase in prices for good and services combined with a reduction in the value of money it is known as inflation.
