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How might demand for low fare service differ in the Asia-Pacific region from North America and Europe?
How might demand for low-fare service differ in the Asia Pacific region from the North America and Europe
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Demand for one good or service that is determined by demand for another good or service is?
derived demand
Demand for one good or service that is determined by demand for another good or service is .?
derived demand
Definition for ''law of demand''?
In economics, the law of demand states:- As the price of a good or service increases, the demand for that good or service will decrease.- As the price of a good or service decreases, the demand for that good or service will increases.
Where did millions of buffalo once live?
On the Great Plains of North America, and even in Europe before they were nearly wiped out due to demand for their hides.
How did the US meet the demand for soldiers once America enter the war?
The Selective Service Act authorized a draft of young men to be soldiers.
What is the difference between derived demand and absolute demand?
Derived demand refers to the demand for a good or service that results from the demand for another good or service, typically in a production context. For example, the demand for steel is derived from the demand for automobiles, as steel is a necessary input in their production. In contrast, absolute demand refers to the total demand for a product or service in the market, independent of the demand for other goods. Essentially, derived demand is contingent on the demand for related products, while absolute demand stands alone.
What usually happens to the demand for a good or service when the price increases?
When the price of a good or service increases, the demand for it usually decreases.
What is the supply and demand law?
The law of supply and demand states that when the demand for an item or service is greater than the supply of that item or service, the price goes up, but when the supply of an item or service is greater than the demand for that item or service, the price for that item or service goes down. That is why scalpers can sell tickets to the World Series for more than the original price, since there are more people who want to attend (demand)than there are tickets (supply).
What is law is supply and demand?
The law of supply and demand states that when the demand for an item or service is greater than the supply of that item or service, the price goes up, but when the supply of an item or service is greater than the demand for that item or service, the price for that item or service goes down. That is why scalpers can sell tickets to the World Series for more than the original price, since there are more people who want to attend (demand)than there are tickets (supply).
What is the amount of a good or service that producers are willing to provide called?
Demand
What demand for all goods and service within a country is called?
Aggregate Demand
How does the demand for a product or service affect its price in the market?
The demand for a product or service affects its price in the market by influencing the balance between supply and demand. When demand is high and supply is limited, prices tend to increase. Conversely, when demand is low and supply is abundant, prices tend to decrease. This relationship between demand and price is a key factor in determining the market value of a product or service.
