Fill in the missing words in the sentence below. 1. The ... explains the relationship between the price of a good or services and the quantity demanded. 2. If we demand something (in the economic sense), it means you intend to buy it and that you have the ... to do so. 3. ..... is simply a state at which market supply and demand balance each other and as a results, price becomes stable

Q: what does it mean when we say price changes? in economics

A: Price refers to the value of goods and services in monetary terms. In general, a change in price…

Q: Name the three cases when both the demand and supply increases at a certain period of time?

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Q: When there is an decrease in the demand for a good, this can be expected to cause in the equilibrium…

A: Demand represents the volume of goods and services that the consumers are willing to buy at…

Q: The supply curve of some good is vertical. What will be the effects of a fall in demand for it?…

A: Supply curve represent the positive relationship between the existing price of a commodity and it's…

Q: The law of supply states that, ceteris paribus, there is an inverse relationship between the price…

A: Supply curve shows the association between the price of commodity and quantity of the commodity that…

Q: If price of tomato sauce/ French fries falls what happens to equilibrium price and quantity of…

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Q: The market for gasoline has changed in a couple significant ways over the last few years: new…

A: Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity…

Q: For each of these situations, answer what happens to į) demand, ii)_supply, iii) equilibrium price…

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Q: Suppose one of your friends offered the following argument: a rightward shift in demand will cause…

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Q: "If a price is not in a equilibrium price, there is a tendency for it to move to its equilibrium…

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Q: When The price of good X falls then the demand for Good Y rise.  State where Good X and Good Y are…

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Q: Question 4 4.1. It is important to differentiate between a change in quantity demanded versus a…

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Q: Holding other things remaining the same, the law of supply specifies that _______________.     if…

A: Supply curve is upward sloping showing positive relationship between price and quantity supplied.

Q: When both supply and demand increase for a certain good, what would happen to the equilibrium price…

A: 1) When both demand and supply increase then their would be three cases Case 1: where the increase…

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Q: What are five things that will shift a supply curve to the right?

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Q: . The Smith family eats both meat and potatoes on a regular basis and we need to know how the family…

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Q: What is the law of supply? How many of the following "goods" do you think conform to the general law…

A: Hi! Thank you for the question but as per the guidelines, we only answer the first three sub-parts…

Q: Suppose other things are constant, whenever the price of good A rises, the supply curve of good B…

A: Goods are complementary when they are used together.

Q: The law of demand states that, ceteris paribus, there is an inverse relationship between the price…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: For each of the following, explain whether quantity demanded changes because of a demand shift or a…

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Q: Listed below are several items which would affect the market for personal computers. For each event,…

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Q: According to the Law of Supply, when the price of a good increases, its quantity supplied increases.…

A: In any market, equilibrium corresponds to demand being equal to supply.

Q: How are price of X (Px) and quantity supply (Qs) related

A: Answer to the question is as follows:

Q: If the price of rice per Kg increases from Rs 200 to Rs 300, the quantity demand reduced from 10 Kg…

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Q: As an economist I believe the following: “I don’t think there is such a thing as a price that is too…

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Q: Law of demand doesn't hold true in which cases?

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Q: For the following statements, please indicate whether each is true or false: A fall in the price of…

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A: The demand and supply of any product represent the ability and willingness of consumers and…

Q: For the following statements, please indicate whether each is true or false: A fall in the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: What is the effect on equilibrium price of onion in india when federal government release onions as…

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Q: How does the Law of Supply differ from the Law of Demand?

A: Law of demand states that when other things remain the same, increasing price of goods and services…

Q: For each of the following scenarios, determine if there is an increase or a decrease in supply for…

A: Since you have asked a multi-part question, and according to the policy, we can only solve the first…

Q: What is physical induced demand. What factors cause it and how is it determined. Can it effect price…

A: Physical induced demand occurs when firms advertise for a produ t to a greater extent.

Q: Most people demand goods and services much less than they want. True or False? Explain your answer.…

A: Answer 1.  The quantity of a commodity or service that consumers are willing and able to purchase at…

Q: when the price of a good decreases, what happens to the market?  D & Q demanded both increase  D…

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Q: everyone thinks that the price of gas will go up next week, what is likely to happen to the demand…

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Q: The law of demand states that as the price of a good or service increases, the quantity demanded…

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Q: For each of the following scenarios, determine if there is an increase or a demand for the good in…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…