Which of the following describes a situation in which the price of a good would raise?

Which of the following describes a situation in which the price of a good would raise?

Which of the following describes a situation in which the price of a good would rise? producers to keep up with demand.

What happens when the price of a good increases?

An increase in the price of a good will increase demand for its substitute, while a decrease in the price of a good will decrease demand for its substitute. An increase in the price of a good will decrease demand for its complement while a decrease in the price of a good will increase demand for its complement.

Which best describes a resource when the benefit of its use is greater than the opportunity cost?

Scarcity. Which describes a resource when the benefit of its use is greater than the opportunity cost? Being used efficiently.

What describes a situation in which a shortage occurs?

A shortage is a situation in which demand for a product or service exceeds the available supply. When this occurs, the market is said to be in a state of disequilibrium. Usually, this condition is temporary as the product will be replenished and the market regains equilibrium.

When the price of a good falls there will be?

If the price of a good falls, the quantity demanded of that good increases. The relationship between the quantity demanded and the price of a good when all other influences on buying plans remain the same.

Which of the following describes how a market will respond when the scarcity of a good increases?

Which of the following describes how a market will respond when the scarcity of a good increases? The price of the good will increase.

When the price of a good rises the quantity supplied of the good also rises What is this called?

Question: “Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well.” This relationship between price and quantity supplied is referred to as the law of supply. applies only to a few goods in the.

What happens when the price of a good increases the quantity of goods that are produced increases?

As the price of a good or service increases, the quantity that suppliers are willing to produce increases and this relationship is captured as a movement along the supply curve to a higher price and quantity combination.

In which situation would the price of a good be most likely to increase?

In which situation would the price of a good be most likely to increase? A rise in demand happens too quickly for producers to increase production to keep up.

Which best describes opportunity cost?

The correct answer is The difference between the alternative selected and the next best alternative.

Why do prices rise when there is a shortage?

When the price of a good is too low, a shortage results: buyers want more of the good than sellers are willing to supply at that price. If there is a shortage, the high level of demand will enable sellers to charge more for the good in question, so prices will rise.

When there is a shortage of a good what happens to the price?

The equilibrium quantity is 10 million bottles a day. When there is a shortage, the price rises. When there is a surplus, the price falls. Surplus or Excess Supply The quantity supplied exceeds the quantity demanded.