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Yes, since supply is reduced. Law of supply & demand.
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A Consumer's demand curve for a product is downsloping because?
As a consumer with a finite amount of resources there is a point where the product will become unattainable after it reaches a certain price. Price goes us, demand goes down, therefore the demand curve is downsloping in relationship to the increasing price.
How Can The negative relationship between the quantity demanded of a commodity and its price be explained by the principle of?
Supply and Demand. When the supply of an available product goes up, the price goes down - unless the merchant can do something to increase the demand for the product as well. The "something" is generally "advertising". If the demand for a product goes up, the price will generally also rise, which will either lower demand (fewer people want to pay the higher price) or increase supply (another merchant starts selling an equivalent product).
What is effective demand?
Effective Demand is "the demand in which the consumer are able and willing to purchase at conceivable price" simply saying if the product price is low more will buy if the rates went high the quantity of the demand goes down
What are the reasons for negative relationship between price and quantity demanded?
Price and demand have an inverse relationship. Therefore, if the price goes up, the demand goes down; the price goes down, the demand goes up.
Explain the effect on the equilibrium price and quantity if increase in the price in product?
If the price increases it means there is not a lot of product avaible. This is seen when a company can not keep up with demand the tend to raise prices so that demand goes down. This is also seen in with the opposite effects, if a company has too much of a product then they lower prices to increase demand
What is it called when the price of a product goes down and the demand goes up?
A deal.
What Distinction between price elastic and price inelastic?
Elasticity is "a measure of responsiveness that tells us how a dependent variable such as a quantity responds to a change in an independent variable such as price." Basically, that means that elastic product's demand is affected by price and an inelastic product's demand is unaffected by price.For example: if a product is elastic, the price goes up and demand goes down, or the price goes down and demand goes up. Examples are electronics, candy and junk food, and even cars.If a product is inelastic, the demand will stay the same no matter the price. Examples are medical supplies.
A Consumer's demand curve for a product is downsloping because?
As a consumer with a finite amount of resources there is a point where the product will become unattainable after it reaches a certain price. Price goes us, demand goes down, therefore the demand curve is downsloping in relationship to the increasing price.
How Can The negative relationship between the quantity demanded of a commodity and its price be explained by the principle of?
Supply and Demand. When the supply of an available product goes up, the price goes down - unless the merchant can do something to increase the demand for the product as well. The "something" is generally "advertising". If the demand for a product goes up, the price will generally also rise, which will either lower demand (fewer people want to pay the higher price) or increase supply (another merchant starts selling an equivalent product).
What is effective demand?
Effective Demand is "the demand in which the consumer are able and willing to purchase at conceivable price" simply saying if the product price is low more will buy if the rates went high the quantity of the demand goes down
What are the reasons for negative relationship between price and quantity demanded?
Price and demand have an inverse relationship. Therefore, if the price goes up, the demand goes down; the price goes down, the demand goes up.
Explain the effect on the equilibrium price and quantity if increase in the price in product?
If the price increases it means there is not a lot of product avaible. This is seen when a company can not keep up with demand the tend to raise prices so that demand goes down. This is also seen in with the opposite effects, if a company has too much of a product then they lower prices to increase demand
What happens if theres more demand than supply?
When there is more supply than demand, there is commonly a drop in price of the product in an effort to increase the demand and achieve the equilibrium between supply and demand once again. Supply and demand are like a see-saw. As supply goes down, demand goes up; as demand goes up, supply goes down.
What happens if there is more supply than demand?
When there is more supply than demand, there is commonly a drop in price of the product in an effort to increase the demand and achieve the equilibrium between supply and demand once again. Supply and demand are like a see-saw. As supply goes down, demand goes up; as demand goes up, supply goes down.
When price increase demand decreases?
Yes, because when the price goes up not as many people want to buy that product as it is now more expensive.
The law of Demand?
The law of demand states that as price of an object goes up, the quantity goes down. However, as the price falls then quantity rises. IF price falls, demand increases and if price rises, demand decreases.
What happens when price goes up in elasticity of demand?
demand goes down
