Asked by
Tushar Gaikwad
on Dec 08, 2024
Verified
Related to the Economics in Practice on p. 79: If the supply of generators decreased and the equilibrium price of generators decreases, the demand for generators ________ and total revenue from the sale of generators ________.
A) decreased; will decrease
B) increased; may increase, decrease, or stay the same
C) may have increased, decreased, or stayed the same; will decrease
D) may have increased; decreased, or stayed the same; may increase, decrease, or stay the same
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition where there is no tendency for change.
Total Revenue
A financial measure defining the income generated from business activities or operations without deducting expenses.
- Comprehend the impact of price control adjustments on the quantity demanded and the quantity supplied.
- Understand the concept of equilibrium in market economics and the ways in which it can be achieved or modified through external interventions.
Verified Answer
JV
Learning Objectives
- Comprehend the impact of price control adjustments on the quantity demanded and the quantity supplied.
- Understand the concept of equilibrium in market economics and the ways in which it can be achieved or modified through external interventions.