Asked by
Ekhlass Abdalla
on Oct 12, 2024Verified
As price rises,quantity demanded gets _______ and quantity supplied gets _______.
A) larger;larger
B) smaller;smaller
C) larger;smaller
D) smaller;larger
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price point, at a specific time.
Quantity Supplied
Represents the amount of goods or services that producers are willing and able to sell at a given price.
- Comprehend the distinction between a change in quantity supplied and an alteration in supply.
Verified Answer
VR
Learning Objectives
- Comprehend the distinction between a change in quantity supplied and an alteration in supply.