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What does the aggregate demand curve represent? Define aggregate demand. What are its main components? What does it mean when there is an induced increase in aggregate demand? If aggregate demand is greater than Aggregate supply. What will be the effect?
What is meant by the price elasticity of demand? Explain the effect of supply and demand on a demand curve. What does the area under the supply and demand curve represent? What is the explanation of aggregate supply and demand? What is the definition of aggregate supply and aggregate demand...
An indifference curve is a chart showing various combinations of two goods orcommoditiesthat consumers can choose. Points along the curve represent combinations that will leave the consumer equally well off. A consumer is indifferent to changes in a combination as long as it falls somewhere along t...
What causes shifts in the supply curve? What does a supply curve show? What is a Supply Curve? A supply curve is a graph that displays the relationship between the price of a product and the quantity being produced. Typically, a company will respond to higher prices by increasing production...
goods and services that companies in a national economy will sell at a specifiedprice leveland point in time. An aggregate supply curve graphically depicts these relationships. A point graph uses the x-axis to represent aggregate supply of products and uses the y-axis to represent price levels....
be it for goods, services or labor. Both of these factors are closely linked and often bear an inverse relationship. An economist speaks of "movement along the demand curve" when something has caused the demand for that product to change, which in turn usually affects the product's supply....
It ensures that the price of products and services stays affordable. It determines tax rates for corporations and small businesses. 2. What can the demand curve represent in a graph of price mechanism? The income-to-debt ratio of a particular business ...
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Answer to: On a P-v diagram, what does the area under the process curve represent? By signing up, you'll get thousands of step-by-step solutions to...