If the number of buyers of a good increases, the demand for the good will <u>increase</u> and the demand for labor used to produce that good will <u>normal</u>.
The logic behind the demand and supply model is straightforward. The volume of a specific commodity or service that consumers will be able and willing to buy over time at each price is shown by the demand curve.
The supply curve depicts the volume of goods that merchants will offer for sale over that period at various prices.
We should be able to determine a price where the quantity of items buyers are willing and able to buy equals the quantity of goods sellers are willing to offer for sale by combining the two curves.
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Answer:
An aspiration referral group
Explanation:
As he cannot join the group today, due to shortage of funds, he will join the group later, and accordingly, he expects it to be his aspiration to join the group.
That means it is his wish to join the group, this reflects clearly that the group is an aspirational referral group.
As all the partner's of his business are also members of the group he shall be expecting them to put a referral.
Therefore, the group will be considered as the aspiration referral group.
Answer: The listed can be explained as follows :-
Explanation:
1. The change in demand or supply of a product due to change in price is called elasticity.
For example the necessary goods are usually less elastic as there is no alternative available for that whereas luxury goods are more elastic as one will first avoid luxury when income declines or price rise.
2. Externalities refers to the impact on an unrelated party that occurred due to activities by some other party.
For example- XYZ company makes cakes and cookies and they are launching a new product of fat free brownie, now it may result in customer base shifting from older product to new product.
This, happened because of consumer preference towards healthy product.
Answer:
All factors influencing supply other than price of the commodity.
Explanation:
Supply shifters are all factors influencing supply (other than price of the commodity) such as relative price, level of technology, cost of production, weather, future price expectations, number of producers, natural disasters, government policy and aims of the producer. These factors can shift supply either to the left or right.