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DJ Econ: Summary

301 Words2 Pages

The statement C which states that a shortage exists a below equilibrium prices is true about demand and supply. I said that because at any price below the equilibrium price, demand exceeds supply so there is a shortage in the market. According to what DJ Econ say"price is different ‘cause it changes quantity instead.” I believe DJ Econ meant that the amount of a good we buy depends on its price. As prices fall, consumers purchase more quantities and as prices rise, consumers purchase less. A change in quantity supplied happens when the retail price of the good or service changes. DJ Econ was explaining the inverse relationship between price and quantity demanded. According to the Law of Demand, as the own price of a good decreases, the quantity

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