The equilibrium price and quantity for llama sculptures would fall as a result of the price decrease of the porcelain sloths. Being that they are substitute goods, a fall in price of the sloths would lead to a decrease in the demand for the llama sculptures.
An equilibrium price, additionally known as a market-clearing charge, is the consumer price assigned to some product or service such that deliver and call for are equal, or close to identical. The manufacturer or vendor can promote all the devices they want to transport and the consumer can get right of entry to all the units they need to shop for.
What's equilibrium price and demand?
The equilibrium price is in which the supply of goods fits call for. when a chief index stories a duration of consolidation or sideways momentum, it may be said that the forces of deliver and call for are fantastically equal and the market is in a nation of equilibrium.
What's particular approximately an equilibrium price?
An equilibrium price is particular due to the fact it's far the only charge at which amount demanded and quantity furnished are same. it's miles the price that corresponds with the intersection of the supply and call for curves.
What's the maximum essential characteristic of the equilibrium price?
The most critical function of the equilibrium price is that it: clears the market, leaving neither a surplus nor a scarcity.
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Answer: True
Explanation:
Looking at the Production Function you will notice that Output increases at different rates to input added. First output increases at an increasing rate then at a constant rate then at a decreasing rate.
This shows the concept of the Law of Diminishing Marginal returns because as more input(labor) was added, at some point the output started increasing at a decreasing rate till it gets to a point where marginal returns will be negative.
The reason for this is that each worker is now working with less capital than before (assuming capital doe not change) and so will only produce less.
It is important to understand the legal and ehtical issues in photography because you are taking photos of families, friends, children and ost of the time, you have no relation to them. Most photographers will develope a contract that outlines what the photographers rights that they have with the photos and likewise for the customer. It is important to understand who's property they are and how the rights to the photos are distriputed so that there is no sueing over misuse of photos.
A mortgage clause that states that the mortgage is due and payable upon certain conditions, such as the non-payment is the option(d) i.e, the Acceleration clause.
<h3>What is
a mortgage clause?</h3>
A provision in an insurance policy (such as a fire insurance policy) that allows the designated mortgage to receive payment for property damage or loss.
There are different types of clauses:
- Acceleration clause
- Due-On-Sale clause
- Prepayment Penalty clause
- Subordination clause
- Release clause
If the borrower breaches the conditions of the agreement, an acceleration clause in a mortgage or trust deed states that the entire obligation is payable immediately. Additionally, it will specify the circumstances under which a lender may request full loan payback. For instance, home loans frequently feature an acceleration provision that kicks in after a certain number of missed payments.
Most of the time, it is harmful to accelerate a loan. Typically, it denotes that the borrower has fallen behind on payments or broken the terms of the agreement, and the lender is requiring prompt repayment of the whole loan balance to avoid foreclosure.
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Answer:
Please find the required diagram in the attached image
Explanation:
Only a change in the price of a good leads to a movement along the demand curve of that good. Also, only a change in the price of the good would lead to an increase or decrease in the quantity demanded of that good.
Other factors other than the change in the price of the good would lead to a shift of the demand curve. Some of those factors include :
1. a change in consumers' expectation
2. a change in the taste of consumers
3. a change in income
As a result of the study, there would be an increase in the demand for coffee. This would shift the demand curve to the right. As a result, there would an increase in equilibrium price and quantity
