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A product for which quantity changes very little when prices go up or down is said to be supply?
Wiki User
∙ 13y ago
Elastic
Wiki User
∙ 13y ago
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If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What happens when Demand is low product and quantity is high?
prices goes higher
What can bring about a change in quantity of demand?
Demand shifts if any determinant except the good's own price changes. Shifters include changes in income, changes in the prices of related goods, the number of consumers, and expectations of future prices.
What encourages a company to produce its product at a greater quantity?
A company will be willing to produce a greater amount of their product if they can sell if for a higher price. This would represent a movement along the demand curve, not a shift. The prices will continue to change until it reaches an equilibrium quantity and price for that product in that market.
How does demand affect prices?
If you have lots of product A, and all of your competitors also have lots of product A, you may need to reduce price in order to attract custom to your business and get a head start on your competition. If this process is repeated by all your competitiors, you may need to reduce your price further and so on.The opposite applies when you have lots of product B and your competitors have little or no product B. You could then increase prices as there are few options for the customer, who will have little option but to pay the prices you ask.( To Producer)If you produce product A which is highly demanded in the market you may set your price high, but as the demand of the product decline you will be forced to reduce you price to maintain your costomers.(To Consumers)If a product is sold at a high price then you will buy/demand less quantities(necessary to purchase) but if the price decline then the demand will increase. But this is affected by several other factors, such as necessity of the product, usage of the product (technically we can say ELASTICITY of the product)(Law of Demand)The law of demand states that "the higher the price the lower the quantity demanded, the lower the price the higher the quantity demanded.
A product for which quantity changes very little when prices go up or down is said to be?
Elastic
What is a product for which quantity changes a great deal when prices change?
subsidized
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What happens when Demand is low product and quantity is high?
prices goes higher
What is a quantity-pricing strategy?
A quantity-pricing strategy provides lower prices to consumers who purchase larger quantities of a product.
What does demand schedule show?
A demand schedule shows a listing of the various quantities demanded of a particular product at all prices that might prevail in a market.
Why do people buy more of something at lower prices and less at higher prices?
the law of demand. an inverse relationship between the quantity demanded and the price of the product (the lower the price the higher the quantity demanded).
What can bring about a change in quantity of demand?
Demand shifts if any determinant except the good's own price changes. Shifters include changes in income, changes in the prices of related goods, the number of consumers, and expectations of future prices.
How do prices affect equilibrium?
Price changes affect the equilibrium price and quantity by Serving as a tool for distributing goods and services.
What encourages a company to produce its product at a greater quantity?
A company will be willing to produce a greater amount of their product if they can sell if for a higher price. This would represent a movement along the demand curve, not a shift. The prices will continue to change until it reaches an equilibrium quantity and price for that product in that market.
The quantity of a product or service that business will make available at various prices is called?
supply.. or demand. a or b.. 50/50 chance
How do you set prices for food?
some stores will find all other prices for a product, find the middle cost, and make that cost either a little higher or a little lower.
