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What is the relationship between price and the total quantity supplied by all firms in the market?
The relationship between price and the total quantity supplied by all firms in the market is known as the law of supply. According to this law, as the price of a good or service increases, the quantity supplied by firms also increases, and vice versa. This means that there is a direct relationship between price and the total quantity supplied in the market.
How does the quantity supplied change as the price increases?
As the price increases, the quantity supplied also increases. This is known as the law of supply, which states that there is a direct relationship between price and quantity supplied.
The relationship between quantity supplied and price is direct or inverse?
As quantity supplied goes up, price goes down. This is because the supply function is downward sloping. Thus, the relationship is inverse.
What is a table that shows the relationship between the price of a good and the quantity supplied?
Supply schedule
What is supply function?
Indicates the relationship between the quantity of thecommodity supplied and the unit price of the commodity
Does a supply curve show a direct or inverse relationship between price and quantity supplied?
Yes, it does.
The supply curve shows the relationship between?
Supply curve shows relationship between price of the particular commodity and the quantity supplied of that commodity at different price level.
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.
How does the relationship between quantity supplied and price impact market equilibrium?
The relationship between quantity supplied and price impacts market equilibrium by influencing the point where supply and demand intersect. When the quantity supplied is higher than the quantity demanded, prices tend to decrease to reach equilibrium. Conversely, when the quantity supplied is lower than the quantity demanded, prices tend to increase to reach equilibrium. This dynamic process helps ensure that supply and demand are balanced in the market.
Definition of supply schedule?
Supply Schedule- A table showing the relationship between the price of a good and the quantity supplied.
What is a graphical depiction of the supply schedule that illustrates that relationship between the price of a good and the quantity supplied?
Supply curve
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.
