Question

The data for demand curve D indicate that at a price of $0.30 per Greebe, buyers would be willing to buy __________ million Greebes. All other things held constant, if the price of Greebes increased to $0.40 per Greebe, buyers would be willing to buy ____________ million Greebes. Such a change would be a decrease in ________________. All other things held constant, if the price of Greebes decreased to $0.20, buyers would be willing to buy ___________million Greebes. Such a change would be called an increase in _______________.

Answer 1

Answer:

150

50

quantity demanded

quantity demanded

Explanation:

Please find attached the data needed to answer this question

According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

The demand schedule is a table that shows the relationship between price and quantity demanded of a consumer. It can be seen that the higher the price, the lower the quantity demanded. This is in line with the law of demand.

The demand curve is a curve that shows the relationship between price and quantity demanded. The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.

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