Using the supply and demand curve above, which statement is TRUE? A) By decreasing the price from $3.50 (P1) to $2.60 (P2), supp
ly decreases. B) By decreasing the price from $3.50 (P1) to $2.60 (P2), demand decreases. C) By decreasing the price from $3.50 (P1) to $2.60 (P2), the quantity of supply decreases. D) By decreasing the price from $3.50 (P1) to $2.60 (P2), the quantity of demand decreases.
The correct answer is C: by decreasing the price from $3.50 (P1) to $2.60 (P2), the quantity of supply decreases.
Explanation:
The supply and demand curve demonstrates <u>that there is an inverse relationship between price and demand</u>. It means that if the price increases, demand will decrease. Also, it shows that <u>supply is directly related to price.</u> Therefore, <u>suppliers may provide more products or services if their price increases</u>. Accordingly, by decreasing the price of the merchandise, the quantity of supply decreases. It is important to keep into account that these <u>both economic forces</u> fix a balance of the prices of things in the market. Option A is quite similar but does not include the technical term “quantity”, which validates option C as the correct one.
This organization, known as the NIAAA, is a national governing body that serves as a liaison between individual state high school athletics associations and state athletics administrator associations.
1. The President of the United States has the power to make treaties, appoint ambassadors, appoint judges of the supreme court, etc. These types of powers ultimately shape what voices are present in parliament and subsequently what issues reach the political agenda.
C0vid has had new cases each day. January was known as the most dangerous month. There has been multiple cases where people felt/had no symptoms whatsoever.
