If the price of petroleum is rising, we can expect both the supply curve and demand curve to shift leftward.

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: Of the below, which is NOT true?    The Supply curve is ALWAYS upward sloping  Producers prefer…

A: Supply shows the total production of commodities and services by the firms and aggregate production…

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: An economist notes that demand for Brand A increases when the price of Brand B decreases. We can say…

A: Demand for a good can change due to change in price of its own good as well as change in price of…

Q: How does a supply curve differ from a demand curve and at what point do they intersect?

A: Understanding demand and supply is the very basic of Economics

Q: TRUE OR FALSE? The scarcity of raw materials will result in the shift of the supply curve upward to…

A: The amount of the product that producers deliver to the market at varied prices throughout a…

Q: The price of a gallon of gasoline has been rising in the last few weeks. Using the model of supply…

A: In a demand and supply model, the market price and quantity are determined at a point where the…

Q: Other things equal, which of the following would NOT shift the supply curve for gasoline? Select…

A: Supply curve is a graphical representation of a supply schedule which shows various quantities of a…

Q: With respect to the demand for college enrollment, does  an increase in textbook prices.  cause a…

A: A movement along the demand curve takes place when the enrolment or tuition fees changes. Higher…

Q: In December, the price of Christmas trees rises, and the quantity of trees sold rises. Is this a…

A: Demand refers to the want of an individual when he/she have the ability to pay and is willing to pay…

Q: Which is consistent with the law of demand? A decrease in the price of tacos causes no change in…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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

A: Five things that will shift a supply curve to the right are as follows 1.Increase in technology…

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: If consumers expect the price of a good to decrease in the future and all else is held constant, we…

A: Demand curve depicts the inverse relationship between price and quantity demanded, keeping other…

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: The law of demand states that, all other things held constant, quantity being demanded by consumers…

A: Consumers demand different quantities at different prices. The price that they are willing to pay…

Q: Suppose goods A and B are substitutes. If the price of good A increases, will the demand for good B…

A: Substitute goods are those goods that can be consumed by an individual in place of each other by the…

Q: Why would a shift in supply or demand happen as a result in a market equilibrium with higher prices…

A: A market is a place where the buyers and the sellers interacts with each other and the exchange of…

Q: The price of Good X increases by 25 percent, causing the quantity consumed of Good Y to decrease by…

A: Price elasticity of demand refers to the responsiveness of quantity demanded of a good to a change…

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: An increase in the price of the cheese used to produce pizza shifts the supply and demand curve of…

A: Cheese is used as a raw material in producing pizza. So, cheese is a factor of production in making…

Q: According to the law of supply, more of a good is desired by consumers as the price falls. less of a…

A: As per the law of supply, there is direct relationship between the price and quantity supplied of a…

Q: Beef is a material for beef meatball.  We observe that the equilibrium quantity of beef meatball…

A: The market is a place where the buyers and the sellers meet together and decide about the quantity…

Q: Make up an example of a monthly supply schedule for pizza, and graph the implied supply curve. Give…

A: The supply schedule of pizza shows quantity of pizza supplied at each price level. The supply…

Q: 1. Graph the effect of an increase in the prices of raw materials to the Market Equilibrium. 2.…

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

Q: If the price of petroleum is rising, we can expect both the supply curve and demand curve to shift…

A: The price of petroleum is rising, as a result of this, due to the law of demand and law of supply,…

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: 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: Which of the following most appropriately illustrates the law of supply? Select one: a. corporation…

A: Supply for a good refers to the quantity of the good which the producers are willing to produce at a…

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

A: In the market, any change in price will influence the equilibrium level because it affects the…

Q: When the price of one good affect the demand for another good, then the goods are likely to be…

A: The demand for a good gets affected by its price and other determinants such as price of related…

Q: What happens to demand for normal goods when income of people decrease

A: Demand is the total goods and services that the consumers are willing to buy at different prices.

Q: The law of demand shows that: a. the demand curve is positively sloped. b. there…

A: The answer is part b i.e Inverse relationship between Quantity Demanded and price. The famous  law…

Q: The supply Curve will shift _________ if the price of the raw material rises

A: The prices of raw material has a direct impact on the cost of production of the firm and thus it…

Q: Producers/sellers are bound to follow law of supply? (6 lines)

A: Note- Since you have posted multiple independent questions in the same request, we will solve the…

Q: Consider the demand for airplane tickets. Which of the following does not cause the demand for…

A: Taking each option one by one A. Decrease in number of consumers due to a pandemic This will shift…

Q: Suppose a decrease in consumer's income causes a decrease in the demand for sausage and an increase…

A: A change in income affects the choice of the consumer. When the purchase of a good does not decrease…

Q: Which of the following will not shift a supply curve?

A: Supply curve is the curve which shows the relationship between quantity supplied and the price. It…

Q: During the COVID 19 pandemic, the demand for personal protective equipment increased. What…

A: Personal protective equipment is the protective equipment to minimize exposure to hazards. The…

Q: Good B and Good A are substitutes. If the price of Good A rises, what will happen to the demand…

A: Good B and Good A are substitutes. If the price of Good A rises, consumers substitute good B for…

Q: In what direction will the supply curve shift if the prices of the raw materials needed to produce…

A: The positive relationship between the supply and the price of a commodity is depicted on a supply…

Q: The law of demand states that as product’s price increases, its quantity demanded decreases,…

A: The ceteris paribus condition states that all other independent variable s in the model has to keep…

Q: Make up an example of a monthly supply schedule for pizza, an d graph the implied supply curve. Give…

A: Supply is the quantity a producer is willing to supply at a particular price. The supply and price…