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- Question attachedWhen supply increases, the effect is a large decrease in price and a small increase in quantity demanded, consumers are responsive to the change in price O consumers are not responsive to the change in price O producers are not responsive to the change in price O producers will increase price.Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand.(b) There are no exceptions to the law of demand.(c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term(e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.
- The data below represent a demand schedule. Product Price Quantity Demanded $6 5 Product price 6 a. In the diagram below, draw a demand curve. Instructions: Use the tool provided 'Demand' to graphically show demand. This line should only contain the two endpoints. Demand Schedule S 3 4 3 2 1 0 0 1 0 1 2 3 4 2 S 6 3 4 5 Quantity demanded 6 7 8 Tools C DemandHow does the equilibrium price and quantity change when here are bad rumors about a product? Are there any changes or none? Provide a graph of your answerA demand schedule A) shows how the demand changes when the supply changes. B) is a list of the quantities demanded at each different price when all other influences on buying plans remain the same. C) shows the quantity demanded at one price. O D) is a graph showing a relationship between the quantity demanded and the price of a good.
- Please do not give solution in image format thanku Which of the following would be considered a dependent demand item? a. Shoes b. Microchips used in automobiles c. Microwave Oven d. PaintQUESTION 1 A recent storm resulted in massive damage to numerous fishing boats. This made fishing difficult for the affected fishermen. As a result, the price for 1 kilogram of fish rose from $14.70 to $18.70. Which of the following statements is true? O The demand for fish will decrease. O The demand of fish will increase. O The quantity demanded of fish will increase. O The quantity demanded of fish will decrease. O The change in price is associated with the movement along the supply curve.When economists say the quantity demanded of a product has increased, they mean the demand curve has shifted to the left. demand curve has shifted to the right. O price of the product has fallen, and consequently, consumers are buying more of it. price of the product has risen, and consequently, consumers are buying less of it.
- ECONOMICS PLLEASE HELP.......Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium QuantityThe Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 167 132 $32 137 172 $56 Use this information to find the following. (b) the demand equation p (c) the supply equation p (d) the equilibrium quantity and price
