Increasing production will increase quantity sold, which will decrease the price of all units sold. What is this concept known as? income effect b. output effect d. a. C. input effect price effect
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- If the economy goes into recession and income falls, what happened to inferior goods?Which of the following is not a factor affecting the demand for a specific good? a. Consumer income. b. Population and demographics. c. Tastes. d. Prices of input factors used to produce the good.Identify two causes, apart from an increase in income, of an increase in demand for a product.
- Complete the paragraph by filling in the blanks based on what you have learned from the lesson. Choose your answer from the words below. INCREASES PRICE SCHEDULE TECHNOLOGY LESSER PREFERENCES SUBSTITUTE PRODUCT CURVE WEATHER GOVERNMENT POLICY SEASONAL PRODUCTS SURPLUS SHORTAGE I learned additional lessons in Applied Economics. This week I learned about the law of supply which states that when the increases the quantity of products that the producer is willing to sell. and the law of demand which states that the higher the the the demand. To be able to analyze the demand and supply I can use the demand and supply and the demand and supply graphical representation of the relationship of price and quantity. I also understand that aside from price, there are other factors that may affect the supply some of these are and There are also factors that may affect demand like and I can say that it is better if there is market equilibrium which means that the quantity supplied and the quantity…A demand schedule a. shows how the demand changes when the supply changes. b. is a graph showing a relationship between the quantity demanded and the price of a good. c. shows the quantity demanded at one price. d. shows that demand is on schedule. e. is a list of the quantities demanded at each different price when all other influences on buying plans remain the same.Discuss it in your own understanding and then give example each of the following: Consumer and Producer goods Demands Law of demand Utility and Demand