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What does it mean that the demand for a product is high?
if a product is in high demand it means lots of people want/like it, if something is in demand someone wants it, high demand means that product is popular and people want it, it's in high demand.
What product made Jamestown a successful colony?
The product that made Jamestown a successful colony was tobacco. Introduced by John Rolfe in the early 1600s, tobacco cultivation became a lucrative cash crop, driving the colony's economy and attracting investment. Its popularity in Europe created a high demand, leading to increased trade and the establishment of a plantation system, which significantly contributed to Jamestown's growth and sustainability.
What are the Law of Supply and Law of Demand?
In economics, when a commodity is in high demand or in scarce supply, its price will rise; when a commodity is in low demand or plentifully supplied, its price will be lower.The laws of supply and demand dictate that if a product is in short supply, but the demand is high, the price of the product will also rise. If a product is in overabundance, but the demand is low, the price of the product will decrease.
What is a product in high demand?
the whopper. at burger king, they dont produce it until you demand it.
What kind of relationship does demand have with prices?
the relationship demand has with prices is that when the demand for a product is high the prices go high as well, like gas and food....
How do apple lower their product?
high supply low demand
How does an increase in the price of a complementary good affect the demand for the main product?
An increase in the price of a complementary good typically leads to a decrease in the demand for the main product. This is because consumers may be less willing to purchase the main product if the price of the complementary good has gone up, as they may view the overall cost of consuming both goods as too high.
Why is aggregate supply related to the price level?
This is in accordance to the Demand & Supply Theory... When the demand for a product is high and its supply is low, this usually causes the price of that commodity to increase Similarly when supply for a product is high and the demand for that product is low, it causes the price of that product to decrease. Hence the supply is inversely related to the price of any product (Provided the Demand is in accordance to the two points mentioned above)
Explain why the law of demand can apply only in a free market?
Because the free market is the entity that in itself dictates the law of supply and demand. If the purchasing public has a high demand for a product, then more of that product is produced. Conversely, if there is only a low demand for a product, less of that product is produced.
Should rug sellers' increase the price of rugs due to the high demand?
If a product is in high demand, the chances are good that the seller of that product is going to increase the price. It is a basic principle of economics.
What is an example of something that reduces demand for a product?
Often when prices are too high and demand for a product or service lessens, it is because consumers have found a suitable substitute.
When a company produces a small quantity of product and a large number of people want to purchase the product what is true?
Supply is low, demand is high, and the product is priced high.
