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Are Consumers are the only group influenced by the law of demand?
Wiki User
∙ 11y ago
no consumers are not only the group influence by the law of demand but the producers and the other branches of the market are equally influenced by the law of demand because even producers consume raw materials for finished goods.....
Wiki User
∙ 11y ago
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What does it mean when demand for good is relatively inelastic?
when demand for good is relatively inelastic The good is regarded by the consumers as a necessity. There are large buyers of the substitues for the good. Buyers spend a small percentage of their total income on the product. Consumers have had only a short time period to adjust to changes in price.
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.
Does the existence of a bandwagon effect makes demand more price elastic at each price?
Yes, it certsinly does. The demand curve will be more elastic if there is a bandwagon effect than if the demand is based only on the functional attributes of the commodity. "BANDWAGON, SNOB, AND VEBLEN EFFECTS IN THE THEORY OF CONSUMERS' DEMAND" (Leibenstein, 1950)
What are consumer expectations?
Consumer Demand is how much of something that consumers are wanting. A company needs to know the consumer demand so they know how much of a product to make. Consumer demand is the amount of people that want a particular item. Lets say the supply is 100 items of something and only 10 people want it, not demand. If there is 100 of something and 200 people want it, that is demand.
What are some of the causes of fluctuation in the exchange rate?
The only things that causes of fluctuation in the exchange rate are the Supply and demand of the traders which are influenced by current financial events and speculation.
What is stimulation of demand?
business firms can sell their products and services and make profits out of it only through active consumer demand. Dormant needs are useless until they become active demand. consumers desires are definitely important in Marketing
What does it mean when demand for good is relatively inelastic?
when demand for good is relatively inelastic The good is regarded by the consumers as a necessity. There are large buyers of the substitues for the good. Buyers spend a small percentage of their total income on the product. Consumers have had only a short time period to adjust to changes in price.
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.
Does the existence of a bandwagon effect makes demand more price elastic at each price?
Yes, it certsinly does. The demand curve will be more elastic if there is a bandwagon effect than if the demand is based only on the functional attributes of the commodity. "BANDWAGON, SNOB, AND VEBLEN EFFECTS IN THE THEORY OF CONSUMERS' DEMAND" (Leibenstein, 1950)
Which of the kindoms are consumers?
All I would assume, besides plants. They're the only group in which all the members are autotrophs.
What are consumer expectations?
Consumer Demand is how much of something that consumers are wanting. A company needs to know the consumer demand so they know how much of a product to make. Consumer demand is the amount of people that want a particular item. Lets say the supply is 100 items of something and only 10 people want it, not demand. If there is 100 of something and 200 people want it, that is demand.
What are some of the causes of fluctuation in the exchange rate?
The only things that causes of fluctuation in the exchange rate are the Supply and demand of the traders which are influenced by current financial events and speculation.
Do consumers eat only animals?
do consumers eat animals
Is a fox a consumers?
Yes, foxes are consumers. All animals are consumers. Only plants are producers.
What is an example of consumers setting the demand?
What the market/people demand. IE, it's winter time and people need shovels. So people will go to buy shovels. As a whole, lets say a store sells 25 shovels that day. That is the market demand. That's how many shovels people want. If the store had only 20 shovels to sell, there are still 25 people who want shovels, so the market demand is 25, yet the supply is only 20.
Do tariffs affect consumers who purchase only domestically produced products?
Tariffs only directly affect imported goods, but they will indirectly affect domestically produced products because the demand for domestically produced products will increase as the price of imported goods increases. When the demand of domestically produced products increases, the price of these products can also increase.
Do buyers and sellers as one group determine demand but only seller determine supply?
Yes. Buyers want a product and those that sell it regulate how much of it they sell to the buyers, therefore controlling the supply as a result of the demand.
