question archive The amount of a good that buyers are willing and able to buy at a specific price is known as: demand
The amount of a good that buyers are willing and able to buy at a specific price is known as: demand
Subject:EconomicsPrice:2.85 Bought3
The amount of a good that buyers are willing and able to buy at a specific price is known as: demand. sales. quantity demanded. product quantity. 3. The effect describes the change in consumer purchasing power that occurs when the price of a good changes. demand supply income substitution 4. The price of chicken has doubled. As a result, Andre will purchase pork instead of chicken. This is an example of the effect. substitution demand increasing cost income eos 5. A positive relationship between price and quantity supplied implies that as price: goes up, quantity supplied falls. goes up, quantity supplied rises. falls, supply falls. goes up, supply goes up. 6. The sum of individual supply for a product at each price is: quantity supplied. quantity demanded. market supply. market demand. 7. Where quantity supplied equals quantity demanded, the market is experiencing: recession. excess surplus. excess demand. equilibrium.
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2)
Answer: (C)
Relationship between the price and quantity demanded is called the law of demand. It assumes that other factors do not affect the demand.
3)
Answer: (C)
Increase in purchasing power owing to the change in the price is called the income effect.
4)
Answer: (A)
Here demand of one good is negatively related to the price of another good. This is called substitution effect.
5)
Answer: (B)
Law of supply denotes the positive relationship between the price and quantity supplied. When the price goes up, there will be a rise in the quantity supplied.
6)
Answer: (B)
it is called quantity supplied. it shows the relationship between the price and quantity supplied.
7)
Answer: (B)
Equilibrium is established where the quantity demanded and quantity supplied are equal.
