1 answer

U W doe it mean when the curve shifts outward? The law of increasing opportunity costs...

Question:

U W doe it mean when the curve shifts outward? The law of increasing opportunity costs - why costs increase as one moves alon
U W doe it mean when the curve shifts outward? The law of increasing opportunity costs - why costs increase as one moves along the PPC Supply and Demand What is a market? Define demand, quantity demanded, supply, quantity supplied. State the laws of supply and demand. List the major characteristics/determinants of supply and demand. Define normal/inferior goods; substitutes and complements Know how to sketch a typical demand and supply curve showing the equilibrium price and quantity. Know what happens to equilibrium price and quantity when demand or supply increases or decreases. What happens when curves shift and what happens to equilibrium price and quantity (increase in supply-curve shifts right - price decreases and quantity increases) Know the difference between a price ceiling and a price floor. Be able to interpret them on a graph. What are the issues surrounding minimum wage laws and rent controls - impact on both demand and supply Explain the economic consequences of price ceilings and floors. Be able to differentiate between a change in demand and a change in quantity demanded. Identify the causes of each type of change. Differentiate between a change in supply and a change in the quantity supplied. Identify the causes of each type of change. Movement along a curve (change in the quantity demanded) versus shifts in curves (change in demand). lo

Answers

1) A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers.


2) Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.

Quantity demanded is a term used in economics to describe the total amount of a good or service that consumers demand over a given interval of time.

Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.

Quantity supplied is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time.


3) The law of supply states that the quantity of a good supplied (i.e., the amount owners or producers offer for sale) rises as the market price rises, and falls as the price falls.


The law of demand says that the quantity of a good demanded falls as the price rises, and vice versa.

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