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What describes a situation that would tend to raise the price of goods?
Scarce natural resources make it more difficult for producers to keep up with demand.
What describes a situation in which the price of a good would fall?
the community is crazy
What is a situation where price of goods keep falling due to high supply of good?
Change in demand and supply
What describes a situation in which the price of a good fall?
A new technology allows producers to increase supply very quickly.
When a producer makes more goods at every possible price?
The supply curve has shifted to the right
What describes a situation which the price of a good would rise?
A new technology allows producers to increase supply very quickly
What describes a situation in which the price of a commodity would fall?
A new technology allows producers to increase supply very quickly.
What makes a price elastic?
If a change or increase in price will affect demand. Elastic goods are usually those that the consumer does not NEED to purchase, such as luxury goods. When the producer increases price, demand will usually increase. Inelastic goods are those that the consumer needs to buy no matter what the price is, such as milk or salt. A sale or price increase won't affect the demand at all.
What economic term describes a situation where one company controls all the means of production of a product and can set its own price?
Monoply..
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
Which statement best describes the national economy during the gilded age?
The price of economic goods fell during the time period from 1865 to 1896
