Supply
What's the law of supply?
All factors being equal when the price of a good or service goes up.
What is demand?
How much customers want or don't want a product
A point when the quantity demanded equals the quantity supplied.
Why does the supply curve slope upward over time.
buyers can choose how much of their goods to produce and how much to bring to markets.
How does price affect the demand of a good?
As the price of a good increases, the demand will decrease and vice versa
What happens when there is a surplus in the market?
When there is surplus prices decrease to encourage more demand and reduce supply.
What are some of the type of law supply?
Market supply, short-term supply, long-term supply, joint supply, and composite supply.
What are the determinants of demand?
Product/service price, buyer's income, price of goods, expectations for change in price or consumer preferences.
What happens when there is a shortage in the market?
When there is a shortage in the market, prices increase to reduce demand and encourage more supply.
What factors affect supply?
Supply is influenced by prices and consumer demand.
What is a demand curve?
A demand curve is a graph that displays the change in demand that comes from a change in price
when demand increases the equilibrium price rises and the quantity increases because more consumers are willing to buy the good at higher prices.
What is the bottom line mean in Law Supply?
A higher price for a good will lead producers to supply more of that good or service to the market.
What is the importance of demand?
Explain market equilibrium
Market equilibrium is when the supply and demand curves intersects, indicating a point