which of the following is true when the price of a good or service rises? a.the total value of purchases before and after the price change is the same. b.some buyers exit the market. c.buyers who were already buying the good or service are better off. d.the total consumer surplus in the market increases.

Question

27-10-2022
Business

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which of the following is true when the price of a good or service rises? a.the total value of purchases before and after the price change is the same. b.some buyers exit the market. c.buyers who were already buying the good or service are better off. d.the total consumer surplus in the market increases.

Answer :

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RupaBera RupaBera · Answer 1 · 2022-10-31T14:51:47-04:00

Answer: C, Any time a seller and a buyer engage in a market transaction, the cost of the good or service.

when a product's cost increases or decreases What alters?

The law of supply and demand combines two key economic ideas to describe how changes in the price of a resource, item, or service affect its supply and demand. Demand declines when the price rises, but supply increases. On the other hand, as the price drops, supply becomes limited and demand rises.

What will happen to the pricing if there is an excess of the commodity or service?

The price will decrease whenever there is a surplus until the surplus disappears. When the surplus is removed, the quantity supplied and the quantity required are exactly equal, meaning that producers want to sell and consumers want to buy the same amount.

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