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Author Question: Define the quantity demanded of a good or service. What will be an ideal ... (Read 51 times)

laurencescou

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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
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harveenkau8139

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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.


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