What do you mean by the demand of a commodity?   a) Desire for the commodity   b) Need for the commodity   c) Quantity demanded of that commodity   d) Quantity that consumers are able and willing to buy at various prices during any particular period of time

Suppose that supply and demand for a certain commodity are described by the supply curve, p = 0.0002q + 0.03 and demand curve, p = - 0.001q + 35.31. Determine the quantity of the commodity that will be produced and the selling price.   The quantity of the commodity that will be produced is

Answer the following questions The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price? It occurs when the market price is above the equilibrium price These are called products and services that are used together; when the price of one falls, the demand for the other increases

What events might prompt consumers to demand fewer goods at current prices?

The law of demand is an inverse relationship between the price and quantity demanded. Explain how the law of demand related to a recent two purchases that you had to make.

According to the law of supply: A) there is a direct relationship between price and the quantity supplied. B) there is an inverse relationship between price and the quantity supplied. C) there is a direct relationship between price and quantity demanded. D) there is an inverse relationship between price and quantity demanded.

what does this mean in terms of the interrelationship of supply, price, and demand on two items of your choice. Maybe it’s a Christmas that a child really wants but that most stores no longer have in stock. Or it might be a piece of clothing that you bought last year and now want to replace it but which is hard to find or twice as expensive as what it was last year.