As the price rises, the quantity demanded by the buyer will decline and the quantity supplied by sellers will increase until it reaches the point when there is no shortage. Therefore, identify and explain the point where there is no shortage happen.
As the price rises, the quantity demanded by the buyer will decline and the quantity supplied by sellers will increase until it reaches the point when there is no shortage. Therefore, identify and explain the point where there is no shortage happen.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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- As the price rises, the quantity demanded by the buyer will decline and the quantity supplied by sellers will increase until it reaches the point when there is no shortage.
Therefore, identify and explain the point where there is no shortage happen.
- Production means the process of using factors of production to produce goods and services. The inputs bought and used in the production of a given product are classified into four factors of productions.
Describe the FOUR (4) factors of production with examples
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