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An increase in the price of product A will typically lead to a decrease in the quantity demanded by consumers, as higher prices may make the product less affordable or attractive. This phenomenon is known as the law of demand. However, if product A is a necessity or has few substitutes, the decrease in demand may be less pronounced. Additionally, the increase in price could potentially lead to higher revenue for producers, depending on the price elasticity of demand for that product.
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If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
An increase in product price will cause?
the product supply increase. The quntity deman decrease
What is caused by a raise in the price of a product?
The raise in the price of a product causes an increase in competition.
Which of the following economic terms describes an increase in product price without the increase of money's worth?
Inflation is the economic term that describes an increase in product price without the increase of money's worth.
When the price of a product rises and the total revenue of sellers increase?
You have an inelastic product.
If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
An increase in product price will cause?
the product supply increase. The quntity deman decrease
What is caused by a raise in the price of a product?
The raise in the price of a product causes an increase in competition.
Which of the following economic terms describes an increase in product price without the increase of money's worth?
Inflation is the economic term that describes an increase in product price without the increase of money's worth.
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.
What do business do when price of rawmaterials increase?
The cost is generally passed onto the customer in the form of a product price increase.
When the price of a product rises and the total revenue of sellers increase?
You have an inelastic product.
When An excess demand for a product will cause the price to?
Increase
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.
If A decrease in price of a product will result in?
increase in demand and decrease in supply.
What will happen when the demand for a product increases according to Adam Smith?
Supply increases.
What is an increase in demand likely to lead to?
If there is an increase in demand, there will be increase in the price of the product if the supply remains the same. But if the manufacturer or supplier is able to supply increased quantity of product there will be no major effect.
