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Questions and Answers
What does demand mean in economics?
What does demand mean in economics?
Desire backed by purchasing power and willingness to pay the price.
Explain the Law of Demand.
Explain the Law of Demand.
It states that when all other factors remain constant, if the price of a good rises, the quantity demanded decreases, and if the price falls, the quantity demanded increases.
What does a Demand Schedule show?
What does a Demand Schedule show?
It shows the various quantities of goods demanded at different price levels.
What are the two types of Demand Schedules?
What are the two types of Demand Schedules?
What is the key concept behind the Law of Supply?
What is the key concept behind the Law of Supply?
Define Equilibrium in economics.
Define Equilibrium in economics.
Explain the concept of demand elasticity.
Explain the concept of demand elasticity.
What are the exceptions to the Law of Demand?
What are the exceptions to the Law of Demand?
Define the Law of Supply.
Define the Law of Supply.
What causes a change in quantity demanded?
What causes a change in quantity demanded?
Explain the concept of market equilibrium.
Explain the concept of market equilibrium.
What factors determine the elasticity of supply?
What factors determine the elasticity of supply?
How does a change in the price of a good affect the quantity supplied?
How does a change in the price of a good affect the quantity supplied?