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If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
Which effect does scarcity have on the price of the product if the demand stays the same?
The scarcer the product, the higher the price.
What effect does scarcity have on the price of a product if demand stays the same?
The scarcer the product, the higher the price.
Conclusion of price elasticity of demand?
The conclusion of the price of elasticity of demand is the effect of price change based on the revenue it receives. It is based off the demand of the product and the price of the product.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What is the only factor that causes movement along the supply curve?
the price of a product
What are determinants of prices?
Price of a product is basically based on the supply and demands. Expenses of acquiring the products is a factor also of the product's pricing.
What effect does a tariff have on the price of a product in the country imposing the tariff?
the effect it has on the good is that in 1828 the prices were lowered so that's why the effect is made.
How political factor influence price of a product?
In India the effect of politics in every area is very high. Price of a product is depend on many things such as... Raw Material, Manufacturing Cost included Labor Cost, Transportation & Taxes etc. Raw Material: If the cost of raw material will increase by the political policy so it effect the cost of product. Ex- In UP at the time of Mayavati Government, she increase the tax on raw tabacoo lumsum 34%. So it directly effect the price of Product. Manufacturing Cost: It is very flexible. If the labor charges will increase , Government increase the charges of petrol/ fuel etc. Taxes: VAT is applied in many states. in which states it applies the cost of the product is differ.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
What is the factor substitution effect?
The factor substitution effect refers to the change in the amount of one factor of production (like labor or capital) used in response to a change in its relative price, while keeping the output level constant. When the price of one factor decreases, firms may substitute that factor for another, leading to a reallocation of resources to maintain cost efficiency. This effect is crucial in understanding how firms adjust their production processes in response to changes in factor prices, influencing overall economic efficiency.
Which factor would most likely cause the demand for a company's product to decrease?
(Apex) A competitor introduces a similar product at a much lower price.
