A change in the cost of steel.
what's the answer?
Imagine the curves. A decrease in demand would lower the equilibrium price by moving the demand curve to the left, dragging the intersection point down.
When a price increase has little or no effect on the demand for a product, it is inelastic.
There would be less demand because people would not have the cash to pay for a lot of products. Less demand would mean more unemployment due to companies not moving their products, thereby having to lay off workers.
High Demand Lowers QuantityLow Demand increases price and quantity
yes
what's the answer?
It doesn't have a direct effect on demand... if suddenly there were less toothpaste at the grocery store, the demand would remain the same. If the supply gets too low to meet the demand, the price will go up, and if the price goes up, that might have an effect on demand... some people will use other options besides toothpaste.
price effect is the inclination of people to buy less of something at higher price than they would buy at lower prices. a change in demand if the entire line of demand must move or shift.
Imagine the curves. A decrease in demand would lower the equilibrium price by moving the demand curve to the left, dragging the intersection point down.
This would make the demand on dormitories go up significantly, so prices would go up in correlation with demand.
When a price increase has little or no effect on the demand for a product, it is inelastic.
There would be less demand because people would not have the cash to pay for a lot of products. Less demand would mean more unemployment due to companies not moving their products, thereby having to lay off workers.
There would be less demand because people would not have the cash to pay for a lot of products. Less demand would mean more unemployment due to companies not moving their products, thereby having to lay off workers.
There would be less demand because people would not have the cash to pay for a lot of products. Less demand would mean more unemployment due to companies not moving their products, thereby having to lay off workers.
If i know how to ride a motorcycle. I would
High Demand Lowers QuantityLow Demand increases price and quantity