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What is the basic economic principle that decides how high wages will be?
Supply and demand is the economic principle that decides how high wages will be
How does the principle of diminishing marginal utility explain the slope of the demand curve?
The principle of diminishing marginal utility explains the slope of the demand curve by letting us be able to see which direction the slope is in, which is always downward.
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.
Can you provide an example of how the principle of supply and demand affects pricing in the market?
The principle of supply and demand affects pricing in the market by influencing the balance between the availability of a product (supply) and the desire for that product (demand). For example, if there is a high demand for a limited supply of a product, the price is likely to increase as sellers can charge more due to the scarcity of the item. Conversely, if there is a surplus of a product and low demand, the price may decrease as sellers lower prices to attract buyers.
What is the basic economic that decides how high wages will be?
Supply and demand is the economic principle that decides how high wages will be
What are the limitation of acceleration principle?
Limitations of the acceleration principle include its assumption of stable investment demand and the potential for overestimating future investment needs. It also does not account for factors like technological change, uncertainty, or changes in consumer demand that can affect investment decisions. Additionally, the acceleration principle may not hold in industries with shorter production times or where capacity can be quickly adjusted.
Why is there a high demand for nursing?
The two principle reasons are a lack of nursing education programs, and the aging of baby boomers.
Why is the revenue recognition principle needed what does it demand?
plz tell me that ,ans of that ,3rd point that ,to enable the securing of loan or??
The idea that if a product seems rare more people will want to buy it is part of?
The principle of supply and demand (apex)
What two things make a product have value?
The principle of "supply and demand". If the supply of a product is higher than the demand, the product is worth less due to its availability. Conversely, if the demand exceeds the supply, then the products is worth more due to its rarity.
Should rug sellers' increase the price of rugs due to the high demand?
If a product is in high demand, the chances are good that the seller of that product is going to increase the price. It is a basic principle of economics.
What is a basic principle of the law of demand?
A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.
