A market is the institution or mechanism that brings together buyers or (demande

Question

A market is the institution or mechanism that brings together buyers or (demanders, suppliers) and sellers or (demanders, suppliers) of a particular good or service separate your answer with a comma The relationship between price and quantity in the demand schedule is (a direct, an inverse) relationship: in the supply schedule the relationship is (a direct, an inverse) one. The relationship between price and quantity in the demand schedule is (a direct, an inverse) relationship: in the supply schedule the relationship is (a direct, an inverse) one. When demand or supply is graphed, price is placed on the (horizontal, vertical) axis and quantity on the (horizontal, vertical) axis. The change from an individual to a market demand schedule involves (adding, multiplying) the quantities demanded by each customer at the various possible (incomes, prices) When the price of one product and the demand for another product are directly related, the two products are called (substitutes, complements): however, when the price of one product and the demand for another product are inversely related, the two products are called (substitutes, compliments) A decrease in demand means that consumers will buy (larger, smaller) quantities at every price or will pay (more, less) for the same quantities.

Explanation / Answer

(1) Buyers or Demanders, Sellers or Suppliers

(2) Relation between price & quantity in demand curve is an Inverse relationship. Relation between price & quantity in supply curve is a Direct relationship.

(3) Relation between price & quantity in demand curve is an Inverse relationship. Relation between price & quantity in supply curve is a Direct relationship.

(4) price is in Vertical axis & Quantity is in horizontal axis.

(5) Adding the quantities demanded by each consumer at various possible prices.

(6) Substitutes (Direct relationship), Complements (inverse relationship)

(7) Consumers will buy smaller quantity at every price, or will pay less for the same quantity.

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