ECONOMICS (CBSE/UGC NET)

ECONOMICS

SUPPLY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

If you are going to buy a new bed mattress, and the salesman tells you there will actually be a sale on mattresses in a week, what will that do to your demand for mattresses in that moment?

A	Decrease
B	Increase
C	Stay the same
D	None of the above

Explanation:

Detailed explanation-1: -Supply is the quantity of goods and services readily available for sale in the market at a given price. Supply is decided by price and demand.

Detailed explanation-2: -The amount of a good, service, or resource that people are willing and able to sell during a specified period at a specified price. Other things remaining the same, • If the price of a good rises, the quantity supplied of that good increases. If the price of a good falls, the quantity supplied of that good decreases.

Detailed explanation-3: -1. Economists define supply as the quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period.

Detailed explanation-4: -Unfortunately, the demand for consumer goods is affected by many different factors including product price, consumer income and expectations.

There is 1 question to complete.