Larger amount is actually purchased at a higher price
Critically evaluate: “In comparing the two equilibrium positions, it note that a larger amount is actually purchased at a higher price. This disprove the law of demand.”
Expert
The key point here is that the second equilibrium occurs after demand has increased, that is demand has shifted. Every equilibrium price describes a different demand situation. Therefore, the fact that more is purchased at a higher price when demand increases does not refute the law of demand. Note that on the second demand curve and schedule, more would still be purchased at a lower price.
The competitive market system is least probable to be allocatively unproductive as a result of: (w) externalities and public goods. (x) cutthroat competition and the outsourcing of low-wage jobs to less grown countries. (y) the underproduction of a go
Explain of the law of demand?
What does high or low operating leverage specify?
Illustrate the rate of exchange of two products?
Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
What are the merits of speciality in the use of human and material resources?
Elucidate Participants in international trade of U.S. and World Trade?
Writings on the historical process by Adam Smith of economic development do not comprise heavy reliance upon: (1) the development of property rights. (2) self interest. (3) divisions of labor in production processes. (4) innovations d
Use the circular flow model to confirm this assertion for the construction of a new high school in Blackhawk county?
Productive (technical) efficiency needs maximization of the: (i) opportunity cost of a specified value of output. (ii) resources used to produce a specified value of output. (iii) value of output produced for a given total cost. (iv) satisfaction atta
18,76,764
1940888 Asked
3,689
Active Tutors
1456646
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!