The law of supply implies that

Assignment Help Business Economics

Reference no: EM131240580

1. According to the law of demand, ceteris paribus,

The quantity demanded increases at lower prices.

A consumer will purchase more of a good at higher prices than at lower prices.

Price and quantity supplied are directly related.

The responsiveness of consumer demand to a change in the price of a good is measured by the price elasticity of demand.

2. The law of supply implies that

A change in a determinant of demand shifts the supply curve.

Supply curves are upward-sloping to the right.

Supply curves are downward-sloping to the right.

Supply curves are flat.

Reference no: EM131240580

Questions Cloud

How can monetary policy be used to stabilize output : Why do changes in the money supply have effects on the economy and the monetary transmission mechanism? How can monetary policy be used to stabilize output? Evaluate the role of monetary policy and how it affects the macroeconomy.

What was the effective annual and nominal interest rate : Jack deposited $500,000 into a bank for 6 months. At the end of that time, he withdrew the money and received $525,000. If the bank paid interest based on continuous compounding: What was the effective annual interest rate? What was the nominal annua..

The two inputs are drivers and machinery : An independent trucker has to choose one of the four possible combinations of inputs listed below. The two inputs are drivers and machinery. If he buys expensive machinery, then he can hire fewer drivers to deliver the same output. The input combinat..

When income falls the demand for an inferior goods : When income falls, the demand for an inferior goods. Elasticity of supply looks at

The law of supply implies that : According to the law of demand, ceteris paribus. The law of supply implies that.

Higher prices will increase total revenue : Higher prices will increase total revenue if. The term transfer payments refers to

Most goods can yield : Most goods can yield. Which of the following is not a determinant of the price elasticity of demand?

Discourage your staff-members from doing certain thing : As a manager, if you want to discourage your staff-members from doing a certain thing, then you’d arrange it so that -- from their perspective -- the cost of doing that thing would be greater than the benefit of doing it.

Discuss the foreign exchange market : Research and discuss the foreign exchange market in terms of both the value of the currency over time and any regulations affecting the currency for China in 2016.

User Account

All Pages