Illustrate other than price many factors

Question

Illustrate other than price many factors determine the outcome?

Answer 1

Other than price many factors determine the outcomes are:

1. Equilibrium price will remain the same if either the buyers or the sellers have changed.

2. Most important distinction to make is to determine if a change has occurred because of something that has affected the buyers or something that is influencing the sellers.

3. A change in any of the determinants of demand will shift the demand curve and cause a change in quantity supplied.

4. A change in any of the determinants of supply will shift the supply curve and cause a change in the quantity demanded.