The prices increases, because the demand is higher for the product, since there is less of it.
Consumers bid up the price.
Shortage. :)
The price goes up if the demand is high
what happens if petrolium price is hike
if, at a current price there is a shortage of a good
Consumers bid up the price.
The price goes up if the demand is high
Shortage. :)
what happens if petrolium price is hike
if, at a current price there is a shortage of a good
if, at a current price there is a shortage of a good
The price declines until demand increases.
When supply goes down the equilibrium price tend also to fallcausing the price of commodities to fall and hence shortage of goods and services to the economy.
The price goes down because of supply and demand.
equilibrium price in economics happens when demand for and supply of the products equals
A surplus or a shortage of a good or service affects the market price directly. When there is a surplus, the prices goes down and when there is a shortage the price increases due to the demand levels.
When price and quantity demanded rises less than supply rises then shortage of goods create.