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demand decreases and price will decrease.

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Q: If supply exceeds demand for a product what economic explation occurs?
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If supply exceeds demand for a product what economic explanation occurs?

prices decrease


What is demand products?

Product demand is an economic term. The product demand describes the desire for a particular product that the public has.


What two things make a product have value?

The principle of "supply and demand". If the supply of a product is higher than the demand, the product is worth less due to its availability. Conversely, if the demand exceeds the supply, then the products is worth more due to its rarity.


What is observed when demand exceeds supply?

Typically, a shortage of the product/service will result with the resultant outcome being an increase in price.


Consumers who are willing and able to purchase a product of service create an economic situation referred to as what?

demandconsumption


What is soft budget constraint?

In organizations, soft budget constraints are used to describe shortages of certain items. It is used to describe that there is an overwhelming demand for a certain product and the demand exceeds the amount of the product being made or manufactured.


What can cause shortages or surpluses of goods and services?

over production can lead to a surplus of goods and/or services, and shortages can occur when demand for a product exceeds the productions of said product


What factors can impact the planning process?

Consumer demand, time, type of product or product design , the economic and processes


What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?

Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.


What is a demand and supply curve?

A demand and supply curve is used in economic to show that in a competitive market, the price of a product will vary depending on the need of the consumers.


What is Demand and supply curve?

A demand and supply curve is used in economic to show that in a competitive market, the price of a product will vary depending on the need of the consumers.


Consumer who are willing and able to purchases a product or service create an economic situation referred to as which of the following?

demand