Explain the concept of supply and demand and how opportunity cost relates to demand.

Answers

Answer 1

Answer:

Supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. In equilibrium the quantity of a good supplied by producers equals the quantity demanded by consumers.

Explanation:

Answer 2

The association between the amount of a product that producers want to sell at different prices and the amount that customers want to buy is known as supply and demand in the discipline of economics.

What is the law of demand?

Following the rule of demand, a basic principle of economics, buyers will demand fewer units of a good at a premium cost. Consumer demand improves when prices fall, then decreases when prices increase.

The ability of the marketplace to provide a product or offering is referred to as supply, but the market's need to purchase the goods or services is referred to as demand.

From all of the alternatives available, the idea of opportunity cost supports us in picking the most suitable one. Customers search out less costly alternatives in response to higher opportunity costs to buy a specific commodity or service, which lowers the quantity desired.

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Related Questions

In one or two sentences, write how you would give a friend advice on finding the meaning of an unknown sword​

Answers

If my friend has a unknown word I would refer my friend to using the internet to find many resources ; where they could get a definition and examples of a unknown word. Or even using a handy at home dictionary to find a definition!

what was happening in america in 1860-1910

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April 3, 1860 – Pony Express begins.
November 6 – 1860 United States presidential election: Abraham Lincoln elected president and Hannibal Hamlin vice president with only 39% of the vote in a four man race.
December 18 – Crittenden Compromise fails.
December 20 – President Buchanan fires his cabinet.

Which is one of the ways of becoming a U.S. citizen?
being bom in the United States
o being awarded citizenship by Congress
O buying citizenship from the Department of State
O exchanging citizenship with someone from the United States

Answers

Its #1 or #3 but it can be both

Answer: Being born in the United States

Explanation:

how would a constitutional monarchy weaken the power of the King?

Answers

He would lose his role as king and have no say in anything that goes on in his country.

What is a "sit-in" and why did civil rights activists do this?

Answers

Sit-in movement, nonviolent movement of the U.S. civil rights era that began in Greensboro, North Carolina, in 1960. The sit-in, an act of civil disobedience, was a tactic that aroused sympathy for the demonstrators among moderates and uninvolved individuals.

8. Define Voltage and give an example in real life.

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Answer:

Example of voltage from real life is a water tank with a hose extending from the bottom. Water in the tank represents stored charge. It takes work to fill the tank with water. This creates a store of water.

Explanation:

Write the five characteristics of a good government?​

Answers

Answer:

Participation.

Consensus oriented.

Accountability.

Transparency.

Responsive.

Answer:

Explanation:What Constitutes Good Governance

Participation.

Consensus oriented.

Accountability.  

Effective and efficient.

Equitable and inclusive.

Follows the rule of law

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When does gender socialization happen?

Answers

Answer:

Gender socialization starts before the baby is born

what inference can be drawn from the importance of warfare within the cultures ofAthens and Sparta?

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Answer:

Warfare was more important in Sparta than when it was in Athens. Athens was more concerned with education while Sparta was more concerned with training and fighting.

Why do farmers often wait until a rainy day to do errands in town, while a businessman/woman in a new suit will decide to forego his errands on the same day?

Answers

Planting, harvesting, and other outdoor activities will reduce the options a farmer has to continue normal work.

Business person wants to avoid getting pretty/dress clothes wet.

Rain creates opportunities for farmer to pick up parts, see what is on sale or new... then go fishing when rain slacks off

Constitution is considered to be a basic element of a state. Why?​

Answers

Answer:

Because it outlines the fundamental structure of the state and the fundamental rights of the people of the state

Answer:

Constitution is considered to be a basic element of the state because:

Because it tells you how the state is constituted. It tells us what the different organs of state are and what are its powers and what are not. It tells us how power is shared among its organs.The Constitution highlights the need for independent institutions & that objectives of the political system, such as whether it would be democracy, what kind of a democracy and lastly what people expect from a democratic nation.The constitution gives some guidelines on other functions if the state.They can be done only by the post establishment of the state.

how did shays Rebellion and how it influenced the creation of contribution. write in your own words and write like a 5th to 6th grader words with atleast 20 words then ill give brainiest

Answers

Answer:

Shays’s Rebellion showed the weak parts of the government under the Articles of Confederation. It made George Washington make the government stronger to help future riots from happening.

Although this has slowed a little bit in the last few years, since the beginning of the 21st century, the fastest growing market for oil in the world has been:

Answers

Answer: China

Explanation:

You included no options but the answer must be China.

From the very late 1900s when China relaxed it's Communist policies and embraced the market economy more, they have had a high demand for oil due to the sheer magnitude of industrialization present and growing in China.

This demand has made them the fastest growing market for oil which they process in their ever increasing refineries.

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