Asked by
Selena Pinales
on Oct 13, 2024Verified
If quantity demanded is greater at each price,we say that there has been
A) an increase in supply.
B) an increase in demand.
C) a decrease in supply.
D) a decrease in demanD.
Demand Increase
This occurs when there is a rise in the quantity of a product or service that consumers are willing and able to purchase at a given price, often due to factors like increased income, changes in tastes, or population growth.
Supply Decrease
A supply decrease refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level falls, often due to factors like increased production costs or regulatory changes.
- Comprehend the consequences of supply and demand fluctuations on equilibrium in the market.
Verified Answer
TJ
Learning Objectives
- Comprehend the consequences of supply and demand fluctuations on equilibrium in the market.