Author Question: Define the quantity demanded of a good or service. What will be an ideal ... (Read 61 times)

laurencescou

  • Hero Member
  • *****
  • Posts: 593
Define the quantity demanded of a good or service.
 
  What will be an ideal response?

Question 2

Explain the difference between a change in supply and a change in quantity supplied.
 
  What will be an ideal response?


harveenkau8139

  • Sr. Member
  • ****
  • Posts: 304
Answer to Question 1

The quantity demanded of a good or service is the amount that consumers plan to buy during a given time period at a particular price.

Answer to Question 2

A change in supply is represented by a shift in a supply curve. It can be caused by changes in non-price determinants of supply such as the cost of producing the product or the prices of related products. A change in the quantity supplied is represented by a movement along a supply curve. It is caused by a change in the price of the good itself.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

For a complete list of videos, visit our video library