« previous next »

Author Question: Define the quantity demanded of a good or service. What will be an ideal ... (Read 62 times)

laurencescou

  • Hero Member
  • *****
  • Posts: 593
on: Jun 29, 2018
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?
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


harveenkau8139

  • Sr. Member
  • ****
  • Posts: 304
Reply #1 on: Jun 29, 2018
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
« previous next »
 

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

A seasonal flu vaccine is the best way to reduce the chances you will get seasonal influenza and spread it to others.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Did you know?

Illicit drug use costs the United States approximately $181 billion every year.

The waveform of a good oxygen sensor as displayed on a digital storage oscilloscope (DSO). Note ... The waveform of a good oxygen sensor as displayed on a digital storage oscilloscope (DSO). Note ...
Radiation Quantity and Quality Radiation Quantity and Quality
A good disinfecting solution you can make yourself consists of 1 part bleach to 10 parts water. A good disinfecting solution you can make yourself consists of 1 part bleach to 10 parts water.
A dose-response curve describes the relationship between the quantity of the chemical entering the ... A dose-response curve describes the relationship between the quantity of the chemical entering the ...
Peanut butter is good source of protein Peanut butter is good source of protein
Prevalence of good health in Canadians aged 65 years and older Prevalence of good health in Canadians aged 65 years and older
Video: Electrical changes in the heart

For a complete list of videos, visit our video library