This relationship between price and amount consumed is explained in the law of demand.Answer and Explanation: The law of demand explains that when we hold all other factors that affect the demand for a product constant (such price of related goods, consumer...Become a member and unlock all S...
Definition:TheLaw of Demandexplains the downward slope of the demand curve, which posits that as the price falls the quantity demanded increases and as the price rise, the quantity demanded decreases, other things remaining unchanged. There are several factors that explainwhy the demand curve slopes...
aThe law of supply and demand explains how prices are set for the sale of goods. The process starts with consumers demanding goods. When demand is high, producers can charge high prices for goods. The promise of earning large profits from high prices inspires producers to manufacture goods to...
economistexplainsthatATCisU-shapedfortworeasons.Thefirstisthe existenceofdiminishingmarginalproduct,whichcausesittorise.Whatwould bethesecondreason?Assumethatthemarginalcostcurveislinear.(Hint:The secondreasonrelatestoaveragefixedcost) ANS: Averagefixedcostalwaysdeclinesasoutputrisesbecausefixedcostisbeingspread overa...
thingsthathithometoGinni. 8.Whichofthefollowingbestexplains“takethe plunge”underlinedinParagraph2? A.Trychallengingthings. B.Takeadegree. C.Bringbacklostmemories. D.Sticktoapromise. 9.WhatmadeGinnidecideonthetriptoAntarctica? A.Lovelypenguins. B.Beautifulscenery. C.Adiscountfare. D.Afriend?sinvita...
The law of demand is explained by the substitution and income effects. The substitution effect is the change in quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods that are substitutes for it. The income effect is ...
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1、3Where Prices Come From: The Interaction of Demandand SupplyChapter SummaryThe model of demand and supply explains how prices are determined in a market system. The main factor affecting the demand for a product is its price. A demand schedule lists various prices of a product and the ...
The law of demand is one of the most fundamental concepts in economics. Alongside thelaw of supply, it explains how market economies allocate resources and determine the prices of goods and services. The law of demand states that the quantity purchased varies inversely with price. In other words...
The law of supply and demand is an economic theory that explains howsupply and demandare related to each other and how that relationship affects the price of goods and services. It's a fundamental economic principle that explains when supply exceeds demand for a good or service, prices fall. ...