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ECO100 Chapter Notes - Chapter CH1: Kendrick Lamar, Shortage, Demand Curve

India

Introduction Of Economics

Economics

Ahmedabad University

<p data-test="question-box-text">On a graph, an equilibrium point is where</p>
<p>A. a supply curve and a demand curve meet.<br>B. a supply curve is higher than a demand curve.<br>C. the supply and demand curves head up.<br>D. the supply and demand curves head down.</p>

<p>On a graph, an equilibrium point is where</p>
<p>a. a supply curve and a demand curve meet.<br>b. a supply curve is higher than a demand curve.<br>c. the supply and demand curves head up.<br>d. the supply and demand curves head down.</p>

<div>The law of supply and demand asserts that:</div>
<div> </div>
<div>(i) demand curves and supply curves tend to shift to the right as time goes by.</div>
<div>(ii)  the price of a good will eventually rise in response to excess demand for that good.</div>
<div>(iii) when the supply curve for a good shifts, the demand curve for that good shifts in response.</div>
<div>(iv) the equilibrium price of a good will be rising more often than it will be falling.</div>

ECO100 Chapter Notes - Chapter CH1: Kendrick Lamar, Shortage, Demand Curve

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