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(a) Producers/sellers are bound to follow law of supply?
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- Why/When Producers/sellers are bound to follow law of supply?Which of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibriumWhat is Supply? How about quantity supplied?
- Following an increase in supply and an increase in demand, the market is producing more at a lower price. What must have happened? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a The change in demand was larger than the change in supply. b The change in demand was smaller than the change in supply. c There is no reason to think that either change was larger than the other. d Some other change must have occurred.How does a change in production technology impact supply, demand and equilibrium price?21. How does the law of supply and demand affect the prices of goods and services?
- How does the law of supply and demand work?Which of the following will definitely result in a decrease in the equilibrium price of a good? Select one: a. A decrease in demand together with an increase in supply. b. An increase in both demand and supply. c. A decrease in supply only. d. A decrease in both demand and supply. e. An increase in demand together with a decrease in supply.Increase in supply usually __ the price and __ the quantity demanded.(A) lowers, lowers(B) raises, raises(C) lowers, raises(D) raises, lowers
- Explains it correctly Q)Any situation where quantity supplied does not equal quantity demanded indicates: Select one: a. a point where quantity demanded is equal to quantity supplied. b. a market equilibrium. c. a situation in which the actions of buyers do not match the actions of sellers. d. a place where the laws of supply and demand do not hold.(A) Given the following data on individual supply and demand, calculate the market supply and demand. (B) what is the equilibrium price? (C) supposed the current price is $4, at this price, how much of a shortage or surplus exists in gallons?Exceptions to the law of supply
