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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
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 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.
A minimum price for a good or service?
price floor
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
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 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.
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 is a price ceiling and a price floor?
Price ceiling- a legal maximum price that may be changed for a particular good or service. Price floor- a legal minimum price below which a good or service may not be sold.
What is the amount of money exchanged for a good or service?
PRICE
