The Following Figures Show the Demand (D) and Supply (S)

question 68

True/False

The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6

-The greater the opportunity cost of any particular occupation, the smaller the number of people who will select that occupation.

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Definitions:

Supply

The sum of a certain item or service that consumers can obtain.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market price.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, resulting in no surplus or shortage.

Supply Increases

A condition in which the quantity of goods and services offered by businesses rises, often leading to lower prices if demand remains constant.