ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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how population changes affect the quantity demanded at a specific price
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the quantity of the good that consumers would be willing and able to purchase at a specific price
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the relationship between the price of the good and total quantity supplied at a series of prices
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the quantity of the good that firms would be willing and able to supply at a specific price
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Detailed explanation-1: -Since the demand curve shows the quantity demanded at each price and the supply curve shows the quantity supplied, the point at which the supply curve and demand curve intersect is the point at where the quantity supplied equals the quantity demanded. This is call the market equilibrium.
Detailed explanation-2: -The market demand curve shows the quantity of a good that consumers would like to purchase at different prices.
Detailed explanation-3: -The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity demanded on the horizontal axis.
Detailed explanation-4: -The point at which the two curves intersect represents the market-clearing price-the price at which demand and supply are the same.