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Questions and Answers
Exists when there is no significant change in quantity demanded as a response to a change in price. (gas, cigarette)
Exists when there is no significant change in quantity demanded as a response to a change in price. (gas, cigarette)
o Inelastic Demand –
Exists when there is equal change in price and quantity demanded (increase or decrease)
Exists when there is equal change in price and quantity demanded (increase or decrease)
o Unitary Demand –
it is the willingness of a producer to manufacture goods.
it is the willingness of a producer to manufacture goods.
• Supply –
is the plot or graph of the quantity supplied versus the price.
is the plot or graph of the quantity supplied versus the price.
is the schedule or table listing of the quantity supplied with the corresponding price.
is the schedule or table listing of the quantity supplied with the corresponding price.
the supply is less than the demand.
the supply is less than the demand.
the supply exceeds the demand.
the supply exceeds the demand.
the supply is equal to the demand.
the supply is equal to the demand.
is the place where the vendors and buyers meet to transact.
is the place where the vendors and buyers meet to transact.
“divisoria and Baclaran” – (Many Sellers and Many Buyers) - occurs in a situation where a commodity or service is supplied by several vendors and there is nothing to
“divisoria and Baclaran” – (Many Sellers and Many Buyers) - occurs in a situation where a commodity or service is supplied by several vendors and there is nothing to
