5. It is a schedule showing the willingness and capacity to buy commodity at alternative prices at a given point in time other things held constant
6. Economic term which means "when other things held constant or equal."
7. What relationship between the price of goods and quantity demanded does a demand curve shows?
8. What is the relationship between the price of a good and quantity supplied of the good in the Law of Supply?
9. What is the situation? If the price is above the equilibrium level, then the quantity supplied will exceed the quantity demanded.
10. It is felt when a change in the price of a good changes consumers' real income or purchasing power, which is the capacity to buy with a given income.
6. Economic term which means "when other things held constant or equal."
7. What relationship between the price of goods and quantity demanded does a demand curve shows?
8. What is the relationship between the price of a good and quantity supplied of the good in the Law of Supply?
9. What is the situation? If the price is above the equilibrium level, then the quantity supplied will exceed the quantity demanded.
10. It is felt when a change in the price of a good changes consumers' real income or purchasing power, which is the capacity to buy with a given income.
Add an Answer
More Questions From This User See All
Answers & Comments
5.A demand curve is a curve describing the quantities of a good a consumer is willing and able to buy at alternative prices in a given time period, ceteris paribus.
7.Demand curves embody the law of demand: As the price increases, the quantity demanded decreases, and conversely, as the price decreases, the quantity demanded increases.
8.The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
9.If the price is above the equilibrium level, the quantity supplied will exceed the quantity demanded, so there will be a surplus. A surplus means businesses are producing more than they are selling.
10.The effect of income in microeconomics is the change in demand for a good or service caused by a change in a consumer's purchasing power resulting from a change in real income.