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Oh okay thank you. Then supply will be a schedule showing the amounts of a good or services that sellers will offer at various prices during some period?
An increase in food prices will decrease the demand curve, because consumers will purchase less. An arise in food prices will increase the supply curve because producers will produce more because they earn more with the increase in prices.
Inflation causes demand to decrease because if your income stays the same and prices increase you are forced to buy less with the same income due to the higher prices
December 4th, 2013 at 10:59 am
lol! The presentation looks funny but holds truth about the characteristic of demand and supply.
Cheers!
October 11th, 2014 at 5:48 pm
Oh okay thank you. Then supply will be a schedule showing the amounts of a good or services that sellers will offer at various prices during some period?
October 11th, 2014 at 5:55 pm
Yes that is correct. The supply curve is an illustration of the supply at each given price and quantity.
October 12th, 2014 at 1:55 pm
How will an increase in food prices effect the demand and supply curves?
October 12th, 2014 at 2:02 pm
An increase in food prices will decrease the demand curve, because consumers will purchase less. An arise in food prices will increase the supply curve because producers will produce more because they earn more with the increase in prices.
October 12th, 2014 at 2:15 pm
Inflation causes demand to decrease because if your income stays the same and prices increase you are forced to buy less with the same income due to the higher prices