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yes because they might demand more oil and eventually that ceartain place will start to run out
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Can factors that effect demand also affect supply?
no
Factors affecting demand for a commodity?
price of a commodity, the higher the prices, the lower the demand if there is not a equiblirum condition between demand and supply then it affect commodity demand , inflation and income, and monopoly in some commodity in some area is also affect demand of commodity
How would lack of product affect supply and demand?
A lack of product (a.k.a. a shortage) would primarily cause an increase in the price of the good or service. An increased price means more supply, but it also means less demand.
What do scholars talk about when they discuss economics?
When scholars discuss economics they talk about how to understand demand and supply. They also assess how businesses affect the economy.
When demand increases and supply is perfectly elastic what will be the effect?
there will be no change in price because as demand will increase supply will also increase.
Can factors that effect demand also affect supply?
no
Factors affecting demand for a commodity?
price of a commodity, the higher the prices, the lower the demand if there is not a equiblirum condition between demand and supply then it affect commodity demand , inflation and income, and monopoly in some commodity in some area is also affect demand of commodity
What is the change in business environment?
Negative changes in a business environment would be such factors that affect supply and demand like severe weather, a bad supply line, cunsumer decline/disinterest, inflation, and so on. The affects can also be positive like a corperate expansion, cheaper supply lines, and more consumer demand. All in all, it's anything that affects your flow of business.
How would lack of product affect supply and demand?
A lack of product (a.k.a. a shortage) would primarily cause an increase in the price of the good or service. An increased price means more supply, but it also means less demand.
Relationship between demand and supply?
1:inverse relationship between supply and demand 2:supply depends upon the demand of a commodity, that it might be positive or negative. 3:supply always depends upon demand but demand never depends to supply. 4:a supply never affects the demand of a commodity but demand always affect to its supply. 5:demand is the initial stage but supply is the stage after demand. 6:supply have a positive relations to price whereas demand has a negative relations with price. 7:supply and price has a direct relations or positive relation. 8:law of supply relates to the price and supply of a particular commodity in a particular time period. 9:price has a connections with demand and supply that it affects both supply in a positive way and demand in a negative way and if price changes then both demand and supply will change. 10:demand curve shows the changes positions of demand in a different price level of a particular commodity where demand schedule also shows the changes positions of demand in a different price level of a particular commodity, hence both have a common objectives to depict the same result in a different way.
What do scholars talk about when they discuss economics?
When scholars discuss economics they talk about how to understand demand and supply. They also assess how businesses affect the economy.
When demand increases and supply is perfectly elastic what will be the effect?
there will be no change in price because as demand will increase supply will also increase.
How global macro economic factor influence demand and supply of agricultural inputs?
There are many economic factors that influence the demand and supply of agricultural inputs, although the main ones are, when price goes up demand goes down, when the price of one product rises this in turn increases demand for other products. The weather also plays a major part in this.
What are the factors that can determines shift in demand?
Demand can be shaped by numerous factors. Economic circumstances can strengthen or weaken demand. Price and population are also strong demand shapers.
How is today's gold prices increase or decrease?
as with any product, prices will fluctuate with demand and supply. if the demand increases or supply is reduced, prices will rise. if demand falls or there surplus supply, the opposite also occurs.
What are the Law of Supply and Law of Demand?
In economics, when a commodity is in high demand or in scarce supply, its price will rise; when a commodity is in low demand or plentifully supplied, its price will be lower.The laws of supply and demand dictate that if a product is in short supply, but the demand is high, the price of the product will also rise. If a product is in overabundance, but the demand is low, the price of the product will decrease.
What determines the quantity of a good that sellers supply?
The demand of the consumer determines the quantity of goods a seller supplies. Supply and demand also affects market price.
