DRAW THE LAW OF SUPPLY CURVE AND NAME THE FOUR THINGS THAT SHIFTS THE CURVE TO THE RIGHT-

Q: Briefly describe four general categories of phenomena that could cause a demand curve to shift.

A: There are many determinants that affect the demand curve other than its own price. If there is a…

Q: Using a graph and a few sentences, explain whether the following events cause a shift in demand or a…

A: The demand curve shows an inverse relationship between price and quantity demanded. For example, an…

Q: The law of supply states that all other things remaining the same:

A: Demand and supply are important for the market. Demand is the desire of a particular consumer to buy…

Q: What happens to the supply curve if quantity supplied falls

A: Supply curve is the notation of relationship between price and quantity supplied. It is positively…

Q: Explain whether each of the following statements describes a change in demand or a change in…

A: A change in demand is a shift in the demand curve and this happens due to change in any factors of…

Q: When the price of a haircut goes down, in what direction does the quantity supplied move on the…

A: Change in price will cause movement along the supply curve and it cause. expansion or contraction of…

Q: What are the main shifters for the supply and demand curve?

A: The shift in supply and demand curve occurs due to other factors accept the price of the commodity.…

Q: Do you agree with the following statement? "An increase in price causes a decrease in demand".…

A: The  соrreсt  орtiоn  is  (аgree). I  аgree  with  the  stаtement  thаt,  Аn  inсreаse  in  рriсe…

Q: Explain by graph the situation when the quantity demanded greater than the quantity supplied in the…

A: Market equilibrium is the situation when the quantity demanded is equal to the quantity supplied.…

Q: The law of demand is an inverse relationship between the price and quantity demanded. Explain how…

A: According to the law of demand, there is an inverse relationship between the quantity demanded and…

Q: What is the Law of Demand?

A: Law of Demand is a fundamental principle of economics.

Q: Identify ALL the factors that can shift a supply curve? and Explain briefly how each factor impacts…

A: The willingness of producers to sell at the given price is known as the supply. When the quantity…