It should be noted that the three range of the aggregate supply curve will be the Keynesian, intermediate, and the Classical range.
The aggregate supply curve simply means the quantity of real gross domestic product that is supplied by an economy at different price levels.
The three ranges of the aggregate supply curve are the Keynesian, intermediate, and Classical ranges. In the Classical range, the economy is producing at full employment.
Typically, an increase in aggregate demand (AD) will lead to a rise in the price of the goods that are supplied.
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<span>John would want to be the member as a limited partner. This would allow him to be an owner of the company and provide leadership (and also receive earnings) without being liable for the firm's debts. A limited liability corporation (LLC) allows for the owners to not be responsible for the debts of the firm.</span>
Answer:
Increase, Decrease
Explanation:
A decrease in the supply results in many buyers competing for very few goods. If the demand is constant, the quantity supplied and price have an indirect relationship. A decrease in the volume of supplied results in an increase in price. Many buyers will be competing for a few products causing the equilibrium price to increase.
A decrease in supply will cause the quantity available for buyers to buy to decline. Consequently, the volume purchased will be fewer. Equilibrium quantity will, therefore, decrease.
Answer:
Income elasticity = 2
Normal good
Explanation:
Below is the given values:
Percentage decrease in consumers income = 10%
Percentage decrease in quantity demanded = 20%
Use the below formula to find the income elasticity:
Income elasticity = % change in quantity demanded / % in income
Income elasticity = -20/-10
Income elasticity = 2
Since the elasticity is 2 that means good is normal good.
Answer:
The equilibrium number of firms is 20.
Explanation:
Q = SH × b
= 2,400 × (1/20)
= 2,400 × 0.05
= 120
Also given, Q = S / n
120 = 2,400 / n
n = 20
