Law of demand and supply

But event in Florida and California would most likely shift the supply curve for orange juice to the left?

An early frost accompanied by storms

In the summer picnic season, a sharp rise in the price of burgers may lead to an increase in the demand for...

Chicken

Alfred Marshall

Developed the idea that demand is elastic and also developed the demand curve

William Stanley Jevons

Developed the principle of diminishing marginal utility

The degree to which quantity demanded response to the change in price is called

Elasticity

Carl Menger

Is the known as the father of Austrian school of economics because of his theory of subjective value

Intrinsic value

Is when the value given to a good or service is because of its nature

This is the price of which consumers are willing to take from the market the exact quantity of a product that suppliers Are willing to put into the market

Market equilibrium

Factors that influence elasticity of supply

Number one: availability of inputs Number two: storage capacity Number three: time needed to adjust to a price change

The factors that influence elasticity of demand are...

Number one: time needed to adjust to a price change. Number two: necessities versus luxuries Number three: availability of substitutes

Quantity demanded moves along the demand curve in response to changes in...

Price

Supply demand on the willingness and ability of...

Producers to produce

The law of demand states that as price decreases...

Quantity demanded increases

Subjective value

States the worth of a good or service is determined by its usefulness to the buyer

Which of these situations best illustrates the market equilibrium?

The amount of soap made matches the amount of soap that people want to buy

Which of these is most likely to happen to demand for clothes in a clothing store when blizzard to keep customers at home?

The demand curve shifts to the left

According to the law of supply, what happens as price increases?

The quantity supplied increases

Which of these would most likely increase the supply of soccer balls?

a decrease in the price of raw materials