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A Consumer's demand curve for a product is downsloping because?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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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.
How does supply and demand affect consumers?
Supply and demand are vital to consumers. If a product is in high demand the supply has to go up which can increase prices because of the demand. Prices end up going up because more has to be shipped and it would have to get to the location of demand in a certain time.
Explain why elasticity of demand is such an important concept to marketers who sell a commodity product?
Elasticity of demand is important to marketers because it helps them know the optimal price for the product. When a product is priced too high, the consumers may opt for a competitor's product.
What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
What is wholesome demand?
Wholesome demand is the demand for a product in which there are negative attributes of the product. Some examples would be alcohol and cigarettes, which are in demand among some consumers but also get negative feedback from others.
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.
How does supply and demand affect consumers?
Supply and demand are vital to consumers. If a product is in high demand the supply has to go up which can increase prices because of the demand. Prices end up going up because more has to be shipped and it would have to get to the location of demand in a certain time.
What is nonexistent demand?
when consumers are unaware of or interested in the product
Change in market price?
Changes in the market price is determined by demand of a product. If consumers demand the product, then the price will increase.
Is determined by how many consumers want to buy a product?
demand
The general willingness of consumers to purchase a product at various prices is .?
Demand is the general willingness of consumers to purchase a product at various prices.
Explain why elasticity of demand is such an important concept to marketers who sell a commodity product?
Elasticity of demand is important to marketers because it helps them know the optimal price for the product. When a product is priced too high, the consumers may opt for a competitor's product.
What is the eight demand states in marketing?
1. Negative demand: consumers dislike the product and may even pay a price to avoid it. 2. Nonexistent demand: consumers may be unaware or uninterested in the product. 3. Latent demand: consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand: consumers begin to buy the product less frequently or not at all. 5. Irregular demand: consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand: consumers are adequately buying all products put into the marketplace. 7. Overfull demand: more consumers would like to buy the product than can be satisfied. 8. Unwholesome demand: consumers may be attracted to products that have undesirable social consequences. E.g. Cigarettes are harmful to society but attract more and more consumers to use.
What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
What is wholesome demand?
Wholesome demand is the demand for a product in which there are negative attributes of the product. Some examples would be alcohol and cigarettes, which are in demand among some consumers but also get negative feedback from others.
What term describes the total demand of all consumers for a company's product or service?
market demandAnother AnswerGlobal market demand would cover all consumers.
Distinguish between demand estimation and demand forecasting?
Demand estimation's purpose is to determine the approximate level of demand for the product whereas demand forecasting's purpose is to estimate the quantity of product or service that consumers will purchase.
