ECONOMICS
SUPPLY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
How many tools are sold to all consumers in the market at various prices.
|
|
|
Which of his competitors is the greatest threat to his business.
|
|
|
Which contractors are the best customers of his products.
|
|
|
How many tools he sold last year to his customers.
|
Detailed explanation-1: -substitution effect. Marty just finished creating a market demand schedule for his hardware store. Which of the following is he most likely trying to determine? How many tools are sold to all consumers in the market at various prices.
Detailed explanation-2: -A market demand schedule for a product indicates that there is an inverse relationship between price and quantity demanded. The graphical representation of a market demand schedule is called the market demand curve.
Detailed explanation-3: -The higher the price, the more suppliers are likely to produce. Conversely, buyers tend to purchase more of a product the lower its price. The equation that spells out the quantities consumers are willing to buy at each price is called the demand curve.
Detailed explanation-4: -What stays the same when you change the individual demand schedule into a market demand schedule for the same product ? The price of the product or the equality demanded.
Detailed explanation-5: -Demand refers to the consumer’s desire and willingness to buy a product or service at a given period or over time. Consumers must also have the ability to pay for something they want or need as determined by their disposable income budget. Therefore, demand is a force that affects economic growth and market expansion.