(Answered) 1 explain why the quantity demanded decreases when the

Management Studies

1. Explain why the quantity demanded decreases when the price rises. Explain the income effect and substitution effect caused by price increase. Explain why the quantity supplied increases when the price rises. Explain why the minimum price the seller is willing to accept increases as the quantity produced increases.(hint, this is the question asking why-it is not asking what, so to say "when the price goes up the quantity demanded goes down" is a wrong answer as it does not explain why.

2. Explain how market activity has impacts on the natural environment. Explain how political-social institutions determined the impact that market activity has on the natural environment.

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