Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please explain this in the simplest terms possible But there is increase in quantity supplied, which means as increased demand push the prices

can you please explain this in the simplest terms possible But there is increase in quantity supplied, which means as increased demand push the prices up, we have higher supply at higher prices. This means we have increase in supply due to increase in prices and not due to any other factor.Thus, we do not have shift of supply curve. We have shift of equilibrium along the supply curve

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics and Its Application

Authors: walter nicholson, christopher snyder

11th edition

9781111784300, 324599102, 1111784302, 978-0324599107

More Books

Students also viewed these Economics questions

Question

Is there administrative support?

Answered: 1 week ago

Question

Explain the difference between symptoms and causes.

Answered: 1 week ago

Question

What does the term tooling up mean?

Answered: 1 week ago