Question

In: Economics

Select the correct answer The law of demand states that other things remaining the same, if...

Select the correct answer

The law of demand states that other things remaining the same, if the price of a good rises, the (quantity demanded of; demand for) that good decreases.

A good whose demand increases as income increases is called a (complement, normal) good.

Chocolate cake and cheesecake are considered (complement; substitute) goods.

The (quantity supplied; supply) of a good is the amount people are willing and able to sell during a specified period at a specified price.

The (law of demand; law of supply) states that other things remaining the same, if the price of a good rises, the quantity supplied rises.

A change in the price of a good changes (supply; the quantity supplied)

The price at which the quantity demanded equals the quantity supplied is the (equilibrium price, equilibrium quantity).

The law of (demand; market forces) says that when there is a surplus, the price falls; and when there is a shortage, the price rises.

According to Eye on the Global Economy textbook what was the reason for the fall in price of solar panels? (Demand decreased; supply increased)

Solutions

Expert Solution

(1) The law of demand states that other things remaining the same, if the price of a good rises, the quantity demanded of that good decreases.

(2) A good whose demand increases as income increases is called a normal good.

(3) Chocolate cake and cheesecake are considered substitute goods.

(4) The quantity supplied of a good is the amount people are willing and able to sell during a specified period at a specified price.

(5) The law of supply states that other things remaining the same, if the price of a good rises, the quantity supplied rises.

(6) A change in the price of a good changes the quantity supplied.

(7) The price at which the quantity demanded equals the quantity supplied is the equilibrium price

(8) The law of market forces says that when there is a surplus, the price falls; and when there is a shortage, the price rises.

(9) According to Eye on the Global Economy textbook what was the reason for the fall in price of solar panels?- supply increased)

Rahul Sunny answered 2 years ago
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