Asked by
Avery Powers
on Dec 11, 2024
Verified
The forces of supply and demand assure that
A) demand curves and supply curves tend to shift to the right as time goes by.
B) the price of a good will eventually rise in response to an excess demand for that good.
C) when the supply curve for a good shifts, the demand curve for that good shifts in response.
D) the equilibrium price of a good will be rising more often than it will be falling.
Supply and Demand
Refers to the economic model that determines the price of goods and services based on sellers' supply and buyers' demand.
Excess Demand
A market condition where the quantity demanded of a good or service exceeds its quantity supplied at a given price.
Equilibrium Price
The cost in the market at which the supply and demand for goods are balanced.
- Identify the consequences of market variations on prices and quantities in defined contexts.
Verified Answer
TJ
Learning Objectives
- Identify the consequences of market variations on prices and quantities in defined contexts.
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