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The scarcer an object is, the greater the price people will pay to own that object. For instance, after a bad wheat harvest, the price of flour and bread will rise. When a bumper harvest of apples causes a glut, the price of apples will be lowered.
Wiki User
∙ 8y ago
Wiki User
∙ 14y ago^ Supply = v Demand = v Price
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What effect does scarcity have on the price of a product if demand stays the same?
The scarcer the product, the higher the price.
How does scarcity affect the prices of goods and services in a market?
Scarcity causes raises in prices, as there is less of a product or service. -Yackna anwsered this
Which economic condition would most likely cause the price of a product to rise?
scarcity
What is scarcity how does it affect the way people make ecomomic choices?
Scarcity is the limited availability of a resource. It affects the way people make economics choices by increasing the price and likely the demand of the resource.
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
Which effect does scarcity have on the price of the product if the demand stays the same?
The scarcer the product, the higher the price.
How might a scarcity of supply affect the price of an item?
It will make it expensive.
What effect does scarcity have on the price of a product if demand stays the same?
The scarcer the product, the higher the price.
How does scarcity affect the prices of goods and services in a market?
Scarcity causes raises in prices, as there is less of a product or service. -Yackna anwsered this
Which economic condition would most likely cause the price of a product to rise?
scarcity
What is scarcity how does it affect the way people make ecomomic choices?
Scarcity is the limited availability of a resource. It affects the way people make economics choices by increasing the price and likely the demand of the resource.
What situation can lead to excess demand?
Scarcity of the product, or if the price of the product has dropped. JohnnyChampagne's answer: When quantity demanded is more than quantity supplied. When the actual price in a market is below the equilibrium price, you have excess demand, because a low price encourages buyers and discourages sellers.
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
What is a list of five products and services that are scarce and rank them in order of importance Discuss the relationship of scarcity to the price of a product?
Do the assignment yourself you stupid fail.
How does scarcity affect the factors of production?
Scarcity is the non-abundance of resources. Resources are needed to produce. Thus, the more that is produced, the more resources are being used.
Does the convenience affect the price consumers are willing to pay for a product?
yes
What is scarcity and how does it affect consumers?
Scarcity is when someone cannot provide a product or service because they have not the required resources or time to produce such a thing. It affects consumers because they cannot have the product or produce this service and are therefore in SCARCITY.
