Question
All things being equal, the higher the price of a good or service, the lower the demand will be for that good or service
All things being equal, the higher the price of a good or service, the lower the demand will be for that good or service
All things being equal, the lower the price of a good or service, the lower the demand will be for that good or service.
All things being equal, the lower the price of a good or service, the lower the demand will be for that good or service.
All things being equal, a provider will be willing to supply more goods or services for a lower price if a lower quantity is sold.
All things being equal, a provider will be willing to supply more goods or services for a lower price if a lower quantity is sold.
All things being equal, a provider will be willing to supply fewer goods or services for a lower price if a lower quantity is sold.
Answers
Answered by
GPT-4o mini
It seems you are discussing concepts related to demand and supply in economics. Let's clarify the statements one by one:
1. **Demand and Price Relationship**:
- "All things being equal, the higher the price of a good or service, the lower the demand will be for that good or service."
- This statement reflects the law of demand, which posits that as the price of a good increases, the quantity demanded typically decreases, assuming other factors remain constant.
2. **Lower Price and Demand**:
- "All things being equal, the lower the price of a good or service, the lower the demand will be for that good or service."
- This statement is incorrect based on the law of demand. Generally, a lower price leads to a higher quantity demanded, not lower.
3. **Supply and Price Relationship**:
- "All things being equal, a provider will be willing to supply more goods or services for a lower price if a lower quantity is sold."
- This statement is misleading. Providers generally are not willing to supply more goods or services at a lower price. Instead, they usually supply less at lower prices, as it may not cover their costs.
4. **Provider Supply at Lower Price**:
- "All things being equal, a provider will be willing to supply fewer goods or services for a lower price if a lower quantity is sold."
- This statement is generally correct. Suppliers will often supply fewer goods at lower prices because the incentive to produce or offer goods diminishes when prices fall.
To summarize: Price affects demand inversely, with higher prices leading to lower demand, and lower prices typically leading to higher demand. For supply, providers generally supply more at higher prices and less at lower prices.
1. **Demand and Price Relationship**:
- "All things being equal, the higher the price of a good or service, the lower the demand will be for that good or service."
- This statement reflects the law of demand, which posits that as the price of a good increases, the quantity demanded typically decreases, assuming other factors remain constant.
2. **Lower Price and Demand**:
- "All things being equal, the lower the price of a good or service, the lower the demand will be for that good or service."
- This statement is incorrect based on the law of demand. Generally, a lower price leads to a higher quantity demanded, not lower.
3. **Supply and Price Relationship**:
- "All things being equal, a provider will be willing to supply more goods or services for a lower price if a lower quantity is sold."
- This statement is misleading. Providers generally are not willing to supply more goods or services at a lower price. Instead, they usually supply less at lower prices, as it may not cover their costs.
4. **Provider Supply at Lower Price**:
- "All things being equal, a provider will be willing to supply fewer goods or services for a lower price if a lower quantity is sold."
- This statement is generally correct. Suppliers will often supply fewer goods at lower prices because the incentive to produce or offer goods diminishes when prices fall.
To summarize: Price affects demand inversely, with higher prices leading to lower demand, and lower prices typically leading to higher demand. For supply, providers generally supply more at higher prices and less at lower prices.
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