If the<u> demand curve is inelastic</u>, a rise in the supply of grain will result in a decrease in the overall income received by grain producers.
The ability of firms to enter and exit a market over time means that, in the long run, the supply curve is more elastic.
Two basic economic concepts are combined in the law of supply and demand to explain how shifts in the price of a resource, good, or service affect its supply and demand. As the price rises, supply increases while demand decreases. On the other hand, as the price falls, demand increases and supply becomes more limited.
The degree to which changes in price translate into changes in demand and supply is known as the product's price elasticity.
Basic consumer demand is comparatively inelastic, or less responsive to price changes.
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Answer:
c. value of all final goods and services produced within a country in a given period of time.
Explanation:
GDP is the value of all final goods and services produced within a country in a given period of time.
GDP = Consumption + Investment + Government Spending + Net Exports
GNP is the value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.
Risk that exists both before and after controls have been put in place is known as inherent risk.
What is risk?
The term "risk" refers to degree of unfortunately and possibility of loss, injury and hazard. Risk is barrier in the organization.
The various risk levels in a process that have not been regulated or mitigated by risk management are referred to as inherent risk. The level of risk present even in the absence of safeguards is known as inherent risk.
As a result, Inherent risk is risk in the absence of controls and after controls have been implemented.
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