ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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supplier output
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natural resources
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consumer demand
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government intervention
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Detailed explanation-1: -The relationship between supply and demand is indirect, meaning that when supply increases, prices decrease and demand increases. When supply reduces, prices rise and demand goes down.
Detailed explanation-2: -Consumer surplus always increases as the price of a good falls and decreases as the price of a good rises.
Detailed explanation-3: -An increase in demand can be caused by: An increase in the number of consumers. An increase in income. An increase in the price of a substitute product.
Detailed explanation-4: -Quantity → The total market demand for a given good or service at equilibrium. Maximum Price → The maximum price that consumers are willing to pay. Equilibrium Price → The price at equilibrium per the supply and demand graph.