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Law of supply and demand is a law which states that when supplies of goods and services became plentiful prices tend to drop True Or False?
Wiki User
∙ 11y ago
True.
Think about it when something is hard to get it becomes expensive because you can not get it anywhere else. When there is lots of it people have to sell it a a lower price because if they don't then the next shop down the road will.
Wiki User
∙ 11y ago
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What is a main factor driving prices for good and services upward?
The increase of demand and the shortage of supplies or service.
What happens when supplies are low and demand is high?
The price of the supplies get higher.
Theory of demand supply?
The theory of supply and demand is that when supply are plentiful, they are typically more affordable and easier to find. When supply is low, demand and prices increase as a result.
How did the gold rush impact on Australia's econmy?
It drew prospectors from Europe and the Americas, greatly increasing demand for supplies, support services and entertainments of all sorts, and this demand greatly stimulated the economy which had still been staggering from the 1840s depression.
What is meant by derived demand and how does this demand characteristic impact freight demand?
Derived demand is the demand to transport goods or services to location depend on demand to consume a goods or services to location. Freight of product is derived from the customer demand of product.
How does the law of supply and demand operated?
That law states that when supplies of goods and services become plentiful, prices tend to drop. When supplies become scarcer, prices tend to rise.
How does the law of supply of demand operate?
That law states that when supplies of goods and services become plentiful, prices tend to drop. When supplies become scarcer, prices tend to rise.
What is a main factor driving prices for good and services upward?
The increase of demand and the shortage of supplies or service.
What does product diversity mean?
Competitive markets exist when there is genuine choice for consumers in terms of who supplies the goods and services they demand
What happens when supplies are low and demand is high?
The price of the supplies get higher.
Theory of demand supply?
The theory of supply and demand is that when supply are plentiful, they are typically more affordable and easier to find. When supply is low, demand and prices increase as a result.
What is maximun demand?
Maximum demand is the largest amount of demand a supplier can supply without running out of supplies.
What increase has the demand for services seen in recent times?
The second change was an increased demand for services. The growth in demand for services--and resulting production--continues to increase at a faster rate than the demand for manufactured goods.
How did the gold rush impact on Australia's econmy?
It drew prospectors from Europe and the Americas, greatly increasing demand for supplies, support services and entertainments of all sorts, and this demand greatly stimulated the economy which had still been staggering from the 1840s depression.
What is meant by derived demand and how does this demand characteristic impact freight demand?
Derived demand is the demand to transport goods or services to location depend on demand to consume a goods or services to location. Freight of product is derived from the customer demand of product.
How do people demand goods and services?
When economists refer to the demand for goods and services, what they mean is, what goods and services are people buying. People demand things by buying them. If you demand to have things given to your for free, that is politics rather than economics.
Why do people sell seahorses?
If there is a demand for a certain pet, someone usually supplies that demand by selling them.
