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A new technology allows producers to increase supply very quickly.

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Which describes a situation in which the price of a goof would fall?

A situation in which the price of a good would fall could occur when there is an increase in supply, such as when a new manufacturer enters the market and produces the good at a lower cost. This increase in supply can lead to a surplus, prompting sellers to lower prices to attract buyers. Additionally, if consumer demand decreases—for example, due to a change in consumer preferences or the introduction of a substitute product—this can also lead to a decline in price.


Inelastic demand curve?

Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.


What describes a situation in which a price of a good would rise?

Demand goes up or supply goes down. - Producers cannot make enough of a good when that good becomes popular. - The raw materials or production capability for a good is unexpectedly reduced.


Why does demand fall?

Demand drops when the price of the demanded good rise.But also demand of a certain good may drop when the price of substitute fall


How is current demand related to the future price of a good?

If the price is expected to drop, current demand will fall.

Related Questions

What describes a situation in which the price of a good would fall?

the community is crazy


Which describes a situation in which the price of a goof would fall?

A situation in which the price of a good would fall could occur when there is an increase in supply, such as when a new manufacturer enters the market and produces the good at a lower cost. This increase in supply can lead to a surplus, prompting sellers to lower prices to attract buyers. Additionally, if consumer demand decreases—for example, due to a change in consumer preferences or the introduction of a substitute product—this can also lead to a decline in price.


Inelastic demand curve?

Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.


What describes a situation which the price of a good would rise?

A new technology allows producers to increase supply very quickly


What describes a situation in which a price of a good would rise?

Demand goes up or supply goes down. - Producers cannot make enough of a good when that good becomes popular. - The raw materials or production capability for a good is unexpectedly reduced.


Why does demand fall?

Demand drops when the price of the demanded good rise.But also demand of a certain good may drop when the price of substitute fall


How is current demand related to the future price of a good?

If the price is expected to drop, current demand will fall.


How is the current demand for a good related to is future price?

If the price is expected to drop, current demand will fall.


How is the current demand for a good related to its future prices?

If the price is expected to drop, current demand will fall.


What describes the substitution effect?

As the price of a good rises, people will substitute other products.


In which situation with the price of a good be most likely to decrease?

The price of a good can decrease if supply is greater than demand. The price can also decrease if that item has been superseded by a newer version.


Price of substitutes and complements vs price of commodities?

Relationship of good price to price of substitutes and complements: 1) Substitutes: as the price of substitutes for a good falls, the price of a good must fall in order to maintain demand. 2) Complements: as the price of complements falls, the price of a good can increase and still maintain the same level of demand.