ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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would show changes in a products demand or supply.
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is a visual representation of supply & demand.
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can predict the performance of the product over time.
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all of the answers are correct
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Detailed explanation-1: -The supply and demand graph visually illustrates the relationship between supply and demand. The x-axis represents the quantity and the y-axis represents the price. On the supply and demand curve, quantity determines how much suppliers offer and how much consumers demand.
Detailed explanation-2: -Answer and Explanation: Out of the following statement in the question given above, the statement that ‘demand expresses intentions, but supply does not’ is an incorrect statement. It is because that supply of goods and services also expresses intentions, similar to demand.
Detailed explanation-3: -But it is worth mentioning that demand and supply do not provide final answer to the pricing problem. Demand and supply which by their intersection determine price are themselves governed by several factors. ADVERTISEMENTS: There are many forces or factors which work behind demand and supply to determine price.
Detailed explanation-4: -Demand curves can vary in shape, giving rise to different types of curves. They can be straight lines, curved, kinked, or even discontinuous. For simplicity, most demand curves are drawn as straight lines (linear). The slope of the line indicates how sensitive consumers are to changes in price.