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It can affect demand because of individual low income earner.
When a price increase has little or no effect on the demand for a product, it is inelastic.
Yes. Imagine you are in the market to buy a sports car. A $100 increase in price is not likely to affect the quantity you will demand. However, if you are in the market for bananas a $100 increase in price will definitely affect the quantity you will demand.
the product supply increase. The quntity deman decrease
The raise in the price of a product causes an increase in competition.
It can affect demand because of individual low income earner.
When a price increase has little or no effect on the demand for a product, it is inelastic.
Yes. Imagine you are in the market to buy a sports car. A $100 increase in price is not likely to affect the quantity you will demand. However, if you are in the market for bananas a $100 increase in price will definitely affect the quantity you will demand.
the product supply increase. The quntity deman decrease
The raise in the price of a product causes an increase in competition.
Inflation is the economic term that describes an increase in product price without the increase of money's worth.
Changes in the market price is determined by demand of a product. If consumers demand the product, then the price will increase.
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.
Lots of it being bought.
It's a pretty basic concept learned in school. As more people demand a product, the availability of the product decreases. Therefore, causing the price of the product to increase with the demand.
The cost is generally passed onto the customer in the form of a product price increase.
You have an inelastic product.