CGS SS 101 Chapter Notes - Chapter 14: Demand Curve, Economic Equilibrium, Equilibrium Point
15 Jan 2019
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If the price raises to then there are only 80 consumers. : x axis quantity sold. Quantity demanded decline when: supply curve [s1]; if the price of a widget is , suppliers might produce 40 widgets. If the price of a widget is , suppliers might produce 70 widgets. : positive line. It is a process by which a given economy achieves. It requires a change in the existing: land natural resources that can be used in the economic process, labor amount of work hours possible. Costs: variable, fixed, average, and marginal?????????????? use them for production: the principle that marginal cost rewards an economy of scale to compete in the market place there are large fixed costs that need to be paid first. Large economic enterprises have an advantage over smaller ones: interferes with the concept of the invisible hand, the more true competition there is in a given market, the less efficient it probably is.
