ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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supply shock leading to higher consumption of almonds
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income effect leading to lower demand for several goods
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law of demand leading to lower prices for all goods
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market equilibrium leading to stable prices for almonds
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Detailed explanation-1: -Which of the following would cause a downward movement along the demand curve for a normal good, leading to an increase in the quantity demanded? A decline in the price of the good.
Detailed explanation-2: -Which of the following describes the relative elasticity in demand for the product shown in a period of economic change? Demand is inelastic because it is a low-cost necessity. Which of the following is generally true after a shift in supply or demand? Equilibrium is gradually restored.
Detailed explanation-3: -When the market price of a good increases, the amount that sellers are willing to offer for sale increases. This statement is best described as: the law of supply.
Detailed explanation-4: -The demand for a good increases or decreases depending on several factors. This includes the product’s price, perceived quality, advertising spend, consumer income, consumer confidence, and changes in taste and fashion.