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Definition of producer surplus?
the utility to a producer from living in a market where a greater quantity will be supplied when prices increase
An increase in quantity supplied is represented by?
An increase in quantity supplied is represented by demand.
An increase in quantity supplied can be caused by?
increase in price
What is A supply schedule characterized by?
A supply schedule is characterized by a table that shows the quantity of a good or service that producers are willing to sell at various prices over a specific period. It illustrates the relationship between price and quantity supplied, typically demonstrating that as prices increase, the quantity supplied also increases, reflecting the law of supply. This schedule helps in understanding market dynamics and producer behavior in response to price changes.
Provide an example of an economic good whose producer would increase the quantity supplied if the price were to go up?
Oil, is an example of an economic good whose producer would increase the quantity supplied if price were to go up. The oil producing nations (o.p.e.c.) can control how much oil is supplied to the international market, and benefits by keeping the supply low, but when the price goes up due to demand going up, then they can increase the supply at the high price. (yahoo answers has this as an answer and it fits)
Definition of producer surplus?
the utility to a producer from living in a market where a greater quantity will be supplied when prices increase
An increase in quantity supplied represented by?
An increase in quantity supplied is represented by demand.
An increase in quantity supplied is represented by?
An increase in quantity supplied is represented by demand.
An increase in quantity supplied can be caused by?
increase in price
What is A supply schedule characterized by?
A supply schedule is characterized by a table that shows the quantity of a good or service that producers are willing to sell at various prices over a specific period. It illustrates the relationship between price and quantity supplied, typically demonstrating that as prices increase, the quantity supplied also increases, reflecting the law of supply. This schedule helps in understanding market dynamics and producer behavior in response to price changes.
Provide an example of an economic good whose producer would increase the quantity supplied if the price were to go up?
Oil, is an example of an economic good whose producer would increase the quantity supplied if price were to go up. The oil producing nations (o.p.e.c.) can control how much oil is supplied to the international market, and benefits by keeping the supply low, but when the price goes up due to demand going up, then they can increase the supply at the high price. (yahoo answers has this as an answer and it fits)
Difference between an increase in Supply and an increase in quantity supplied?
check your answer
When quantity demanded is greater than quantity supplied the price will?
the price increase
What are the effects that price ceiling can have on a product?
a price ceiling results in a shortage because quantity demanded exceeds quantity supplied. it can increase consumer surplus but producer surplus decreases by more causing a deadweight loss in the market.
What causes an increase in the quantity supplied?
when the price of the commodity increases
How does an increase in the supply of a good affect the elasticity of its supply?
An increase in the supply of a good typically leads to a decrease in the elasticity of its supply. This means that the quantity supplied does not change as much in response to changes in price.
The agreement between the producer and consumer on the price is called the?
The agreement between the producer and consumer on the price is called the equilibrium price. This is the point at which the quantity supplied by the producer matches the quantity demanded by the consumer, resulting in a stable market price.
