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the market demand for the product.
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more inelastic than the market demand for the product.
more elastic than the market demand for the product
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∙ 11y ago
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True or False the steeper the demand curve the less elastic the demand curve?
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
Aggregate demand and Aggregate supply curve?
The aggregate demand curve show what consumers are willing to buy at a given price level, whereas the aggregate supply curve shows what producers are willing to produce at a given price level.
How the slope of the demand curve can be explained by the principle of marginal utility?
The demand curve is negatively sloped because it is based on the principle of marginal utility and this utility decreases as consumption increases. The demand price which depends on the marginal utility of a good also declines as consumption increases, so quantity and price are inversely related, leading to the negative curve and the law of demand.
Describe how the slope of the demand curve can be explained by the principle of diminishing marginal utility?
People only need so much of one thing. The lower the price the more demand you will have for the product, until the customer does not want anymore. At that time it will not matter what the price is, they will not purchase any more.
Change in market price?
Changes in the market price is determined by demand of a product. If consumers demand the product, then the price will increase.
What is a demand curve and how it is different from demand function?
The demand curve demonstrates what happens when a product is demanded by customers. A demand function refers to an event that can affect the demand curve.
What does a demand curve show?
The upward movement of the demand curve indicates the rising demand of the product, whereas downward movement of the demand curve indicates falling demand.
What happens if demand curve interacts with the supply curve?
Then demand and supply are equal.
What is a demand curve?
Demand curve describes the relationship between the product price and the number of the product demanded through the use of graph. This is also an illustration of demand schedule.
Explain what happens when the demand curve intersects with the supply curve?
explain what happens inside curve sample
When there is a change in the quantity demanded what happens to the demand curve?
Decrease in quantity demanded usually results from an increase in price and vice versa. When the price of a product increases, the demand curve itself is not affected. However, the quantity demanded decreases to a higher point along the demand curve.
What does the market demand curve show?
It shows the demand for the product in relation to the price
If marginal revenue product capital increases the demand or supply curve?
Demand.
What happens to the demand curve when determinants change?
A change in any one or more of these determinants of supply, or supply shifters, will move the supply curve for a product either right or left.
What happens to demand and demand curve when there is an increase in the factor?
If there is an increase in demand then a new demand curve appears to the right of the original, but if there is an increase in quantity demanded, then there will only be an increase in price and a new demand curve will not appear.
Is demand needed in equilibrium?
Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.
What is the paradoxical demand curve?
Paradoxical demand curve is a theory that the slope of a product will change a different times. This is called Griffin's Paradox.
