Asked by
Verified
The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.
A) direct;inverse
B) inverse;direct
C) inverse;inverse
D) direct;direct
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a given price level in a given time period.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given time period.
Direct;Inverse
Direct refers to a relationship between two variables that move in the same direction, while inverse indicates a relationship where one variable increases as the other decreases.
- Understand the development and analysis of demand and supply curves.
- Comprehend the principles of the law of demand and its effects on market behavior.
Verified Answer
Learning Objectives
- Understand the development and analysis of demand and supply curves.
- Comprehend the principles of the law of demand and its effects on market behavior.
Related questions
The Income and Substitution Effects Account For ...
One Reason That the Quantity Demanded of a Good Increases ...
The Construction of Demand and Supply Curves Assumes That the ...
The Law of Demand States That,other Things Equal ...
In 2008,air Travel Decreased Substantially,despite Significant Reductions in Ticket Prices ...