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Chapter 11: Q. 16 (page 291)

What is Say’s law?

Short Answer

Expert verified

According to Say's law, supply is the source of demand.

Step by step solution

Concept introduction

Say's law states that supply can never surpass demand.

Explanation

Items cannot be overproduced in the long run because the producers of the commodities also produce the purchasing power to purchase other goods. Because every sale is a source of money for someone, the supply value must be matched by a demand value someplace else in the economy.

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Most popular questions from this chapter

What are some of the ways in which exports and imports can affect the AD/AS model?

Briefly explain the reason for the near-horizontal shape of the SRAS curve on its far left.

If new government regulations require firms to use a cleaner technology that is also less efficient than what they previously used, what would the effect be on output, the price level, and employment using the AD/ AS diagram?

Suppose Mexico, one of our largest trading partners and purchaser of a large quantity of our exports, goes into a recession. Use the AD/AS model to determine the likely impact on our equilibrium GDP and price level.

What are the components of the aggregate demand (AD) curve?

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