Question

In: Economics

Match the term to its definition. 1. Decrease in Supply 2. Increase in Quantity Supplied 3....

Match the term to its definition.

1. Decrease in Supply

2. Increase in Quantity Supplied

3. Increase in Demand

4. Decrease in Demand

5. Decrease in Quantity Supplied

6. Increase in Supply

7. Decrease in Quantity Demanded

8. Increase in Quantity Demanded

Select

A. Buyers want less because price increases.

B. Sellers offer more because price increases.

C. Sellers offer less because price decreases

D. Buyers want more because price falls.

E. Buyers want less at every price.

F. Sellers offer less at every price.

G. Sellers offer more at every price.

H. Buyers want more at every price.

Expert Solution

A. Buyers want less because price increases.	7. Decrease in Quantity Demanded
B. Sellers offer more because price increases.	2. Increase in Quantity Supplied
C. Sellers offer less because price decreases	5. Decrease in Quantity Supplied
D. Buyers want more because price falls.	8. Increase in Quantity Demanded
E. Buyers want less at every price.	4. Decrease in Demand
F. Sellers offer less at every price.	1. Decrease in Supply
G. Sellers offer more at every price.	6. Increase in Supply
H. Buyers want more at every price.	3. Increase in Demand

Reason: The difference between 'demand' / 'supply' and 'quantity demanded'/ 'quantity supplied' is that demand/ supply is a function of quantity and price. It indicates how much will be demanded/ supplied at any (or every) price. It is a linear or non-linear curve. Whereas quantity demanded/ quantity supplied is increase or decrease in the quantity that a consumer is willing to buy/ a producer is willing to supply given a particular price. It is a single number.

Rahul Sunny answered 8 months ago

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