what happens if petrolium price is hike
The price goes down because of supply and demand.
equilibrium price in economics happens when demand for and supply of the products equals
Shift to a seller's market.
Price will increase as less products are available.
Anything -other than the desired (product/service)'s price- that would change the demand for a product/service would increase aggregate demand. Some examples may be: increased incomes, increased population, increased price of substitute products, etc..
A for e2020 students
The price goes down because of supply and demand.
equilibrium price in economics happens when demand for and supply of the products equals
Shift to a seller's market.
The massive inflation of the cost of products. For example, in Germany, the price of eggs drastically increased due to the printing of money by the government.
Anything -other than the desired (product/service)'s price- that would change the demand for a product/service would increase aggregate demand. Some examples may be: increased incomes, increased population, increased price of substitute products, etc..
Price will increase as less products are available.
Anything -other than the desired (product/service)'s price- that would change the demand for a product/service would increase aggregate demand. Some examples may be: increased incomes, increased population, increased price of substitute products, etc..
Demand pull inflation is where the demand for an item has increased to a point where the price is increased, to reach an new equilibrium on a supply demand diagram. For example, if there is a toy many children want for christmas, sellers may increase the price. Cost push inflation is where the price must be increased because the costs of making the product or service has increased, for example, if there was a new tax on raw material A, any products which use this raw material will have their price increased relative to the tax increase.
The prices increases, because the demand is higher for the product, since there is less of it.
Consumers will substitute with a rival's product.
The price increased because of the same demand but fewer products.