Asked by
Lisely Perez
on Nov 04, 2024
Verified
When supply is fixed, price is supply determined.
Supply Determined
Refers to market situations where the quantity of products available in the market is primarily dictated by the supply side factors such as production capacity and inventory levels rather than by consumer demand.
- Grasp the concept of supply and demand elasticity and how changes in these affect market outcomes.
Verified Answer
GH
Learning Objectives
- Grasp the concept of supply and demand elasticity and how changes in these affect market outcomes.