Price and quantity supplied in the context of the NBA can influence the quality and quantity of talent in the league. Higher salaries (prices) attract more skilled players, as they seek lucrative contracts, which increases the overall talent pool. Conversely, if the supply of talented players exceeds demand, salaries may decrease, potentially leading to a decline in the talent level as players seek opportunities elsewhere. Ultimately, the balance of price and quantity supplied shapes the competitive landscape of the league.
Yes, the equilibrium price equates the quantity supplied to the quantity demanded.
As the price increases, the quantity supplied also increases. This is known as the law of supply, which states that there is a direct relationship between price and quantity supplied.
When price rises, the quantity supplied rises; as price falls, the quantity supplied falls.
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
equilibrium price
the price increase
The equilibrium quantity supplied is lower than the actual quantity supplied. The market price is below the equilibrium price.
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
If the price is low, suppliers may well not wish to supply the full quantity that is demanded by consumers.The quantity demanded and quantity supplied determines the equilibrium price in the market. The quantity where these two are equal, that is where the market price is set.
quantity demanded and quantity supplied are equal