Learning Path
Question & Answer
Choose the Best Answer
B → A → C → D
A → C → B → D
B → C → A → D
C → A → B → D
Understanding the Answer
Let's break down why this is correct
When the price goes up, sellers see a chance to earn more and they raise how much they sell. Other options are incorrect because This option assumes buyers reduce their wants before the price changes; It suggests demand falls before the price moves.
Key Concepts
Demand and Supply Basics
medium level question
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Deep Dive: Demand and Supply Basics
Master the fundamentals
Definition
Demand and supply basics cover the fundamental concepts related to the quantities of a product that consumers are willing and able to purchase (demand) and the quantities that suppliers are willing to offer (supply) at different price levels. The law of demand and supply explains the inverse relationship between price and quantity demanded or supplied, leading to the formation of demand and supply curves.
Topic Definition
Demand and supply basics cover the fundamental concepts related to the quantities of a product that consumers are willing and able to purchase (demand) and the quantities that suppliers are willing to offer (supply) at different price levels. The law of demand and supply explains the inverse relationship between price and quantity demanded or supplied, leading to the formation of demand and supply curves.
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