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The price and quantity are generally determined by the demand for the products, e.g the desire by consumers to purchase them. Generally, the greater the demand, the higher the price, and the greater the quantity that will be produced for sale.
Karl Runte
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Who determines the demand for a good or service?
The consumer.
What determines prices in the market?
The cost of producing a good or service along with the demand for that good or service.
A minimum price for a good or service?
price floor
What is a minimum price for a good or service?
price floor
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
Who determines the demand for a good or service?
The consumer.
What determines prices in the market?
The cost of producing a good or service along with the demand for that good or service.
What determines the price and quantity produced most goods?
Price and quantity produced of any given product and service is dependent on multiple economic, social and political factors. Assuming ceteris parabus (all else being equal) the quantity of supply and demand determine the equilibrium point, or price of a good or service.
Definition for ''law of demand''?
In economics, the law of demand states:- As the price of a good or service increases, the demand for that good or service will decrease.- As the price of a good or service decreases, the demand for that good or service will increases.
A minimum price for a good or service?
price floor
What is a minimum price for a good or service?
price floor
What is shown by the intersection of supply curve and the demand curve?
the equilibrium price of a good or service
Can you find price elasticity if there is no change in price?
There must be a change in the price to calculate the price elasticity. Elasticity depends on the changes in the demand of a good or service based on the change in the price of a good or service.
What is a price ceiling and a price floor?
Price ceiling- a legal maximum price that may be changed for a particular good or service. Price floor- a legal minimum price below which a good or service may not be sold.
What is the amount of money exchanged for a good or service?
PRICE
The price of a product is the amount of money exchanged for the good what determines the price of these goods?
The price of any product is determined by the laws of demand and supply.
When the price of a good or service changes what happens?
When the price of a good or a service changes, people will generally buy that good or service in plenty. People generally love getting real value for their money.
