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Author Question: When is the price of a product demand determined? What will be an ideal ... (Read 63 times)

arivle123

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on: Jun 29, 2018
When is the price of a product demand determined?
 
  What will be an ideal response?

Question 2

How is the official poverty line determined in the United States? What alternative method of measuring poverty has been suggested? Explain.
 
  What will be an ideal response?


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taylorsonier

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The price of a product is demand determined when the product is in fixed supply. This means that the price of the product is determined solely by the amount that the highest bidder (or bidders) is willing to pay.

Answer to Question 2

The official poverty line is determined by taking three times the cost of the Department of Agriculture's minimum food budget. One alternative way to measure poverty is to set the poverty line at some percentage of the median income level.


arivle123

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

bulacsom

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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