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What economic law states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service?
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∙ 11y ago
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Consumers who are willing and able to purchase a product or service create an economic situation referred to as?
Consumers who are willing and able to purchase a product or service create an economic situation referred to as supply and demand. The price of the product or service tends to rise and fall depending on these factors.
What determines the price and quantity produced of most goods?
Price and quantity produced of any given product and service is dependent on multiple economic, social and political factors. Assuming ceteris parabus (all else being equal) the quantity of supply and demand determine the equilibrium point, or price of a good or service.
Consumers who are willing and able to purchase a product or service create an economic situation referred to as which of the following?
demand
Consumers who are willing and able to purchase a product of service create an economic situation referred to as what?
demandconsumption
What do economists mean when they say that quantity demanded and price have an inverse relationship?
The law of demand states that when the price of a good or services falls, consumers buy more of it. As the price of a good or service increases, consumers usually buy less of it. In other words, quantity demanded and price have an inverse, or opposite, relationship.
How does quantity demanded differ from demand?
In Economics, demand is defined as the quantity of a good or service consumers are willing and able to buy at a range of prices.Quantity demanded is defined as the quantity of a good or service consumers are willing and able to buy at a price.Quantity demanded is the amount of a good or service consumers demand at one price, whereas demand encompasses each and every instance of quantity demanded. So, on a demand curve, the curve (line) represents demand, while a point on the line represents the quantity demanded at that price.
The relationship between the price of a good or service and the quantity that consumers are willing to purchase is known as?
Demand is the best answer
Consumers who are willing and able to purchase a product or service create an economic situation referred to as?
Consumers who are willing and able to purchase a product or service create an economic situation referred to as supply and demand. The price of the product or service tends to rise and fall depending on these factors.
What determines the price and quantity produced of most goods?
Price and quantity produced of any given product and service is dependent on multiple economic, social and political factors. Assuming ceteris parabus (all else being equal) the quantity of supply and demand determine the equilibrium point, or price of a good or service.
Consumers who are willing and able to purchase a product or service create an economic situation referred to as which of the following?
demand
Consumers who are willing and able to purchase a product of service create an economic situation referred to as what?
demandconsumption
What do economists mean when they say that quantity demand and price have an relationship?
The law of demand states that when the price of a good or services falls, consumers buy more of it. As the price of a good or service increases, consumers usually buy less of it. In other words, quantity demanded and price have an inverse, or opposite, relationship.
What do economists mean when they say that quantity demanded and price have an inverse relationship?
The law of demand states that when the price of a good or services falls, consumers buy more of it. As the price of a good or service increases, consumers usually buy less of it. In other words, quantity demanded and price have an inverse, or opposite, relationship.
What determines the price and quantity produced most goods?
Price and quantity produced of any given product and service is dependent on multiple economic, social and political factors. Assuming ceteris parabus (all else being equal) the quantity of supply and demand determine the equilibrium point, or price of a good or service.
What is the definition of service delivery?
Service delivery is the ability of companies to deliver their service to consumers. When consumers receive their products or service, that is service delivery.
Supply and quantity supplied?
Supply means ,A fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Quantity supplied is a change in price along the supply curvereffers to the ammount of goods and services producers are able and willing to put on the market for sale at a given price in a given period of timeQuantity Supplied : The ammount of goods producers are willing to put on the market at a given price
What determines a price of a good service?
The price and quantity are generally determined by the demand for the products, e.g the desire by consumers to purchase them. Generally, the greater the demand, the higher the price, and the greater the quantity that will be produced for sale.
