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What determines the price of a good or service in the market?
The price of a good or service in the market is determined by the interaction of supply and demand. When demand for a product is high and supply is limited, prices tend to rise. Conversely, when supply is high and demand is low, prices tend to fall. Other factors such as production costs, competition, and government regulations can also influence pricing.
What is the income consumption curve?
Income Consumption curve (icc) is a curve which determine the consumption of a consumer base on in his/her income When Income is High, Spending Capacity increases, higher the spending capacity - more the demand. Thus converse to the original demand theory which says, PRICE determines Demand, ICC theory says, INCOME of a PERSON determines the Demand for a Product
How does the interaction between supply and demand determine prices in a market?
The interaction between supply and demand in a market determines prices. When demand for a product is high and supply is low, prices tend to increase. Conversely, when supply is high and demand is low, prices tend to decrease. This balance between supply and demand helps establish the market price for a product or service.
Will a cashier be in high demand or low demand?
it will be in high demand
What is transaction demand?
Transaction demand is the money needed by a person or company for their needs. It can tract the demands of an economy, with high demand as indicator for good economy.
What commodities would be good to trade in the future?
"Commodities that good to trade in the future will be ones that will still be high in demand, whether or not the supply will be able to meet that demand. For example, oil will be a good commodity to trade in the future."
What determines the price of a good or service in the market?
The price of a good or service in the market is determined by the interaction of supply and demand. When demand for a product is high and supply is limited, prices tend to rise. Conversely, when supply is high and demand is low, prices tend to fall. Other factors such as production costs, competition, and government regulations can also influence pricing.
What determines whether a person speaks in a high or deep voice a. the size of the lungs b. the strength of the diaphragm c. the length of the vocal cords and d. the surface area of the alveoli?
Length of the vocal cords determines whether the voice is high or low.
Is it good for a company if maximum demand is high?
No It is not
What is the income consumption curve?
Income Consumption curve (icc) is a curve which determine the consumption of a consumer base on in his/her income When Income is High, Spending Capacity increases, higher the spending capacity - more the demand. Thus converse to the original demand theory which says, PRICE determines Demand, ICC theory says, INCOME of a PERSON determines the Demand for a Product
How does the interaction between supply and demand determine prices in a market?
The interaction between supply and demand in a market determines prices. When demand for a product is high and supply is low, prices tend to increase. Conversely, when supply is high and demand is low, prices tend to decrease. This balance between supply and demand helps establish the market price for a product or service.
Are ophthalmologist in high demand?
the job outlook is very good
Will a cashier be in high demand or low demand?
it will be in high demand
What is transaction demand?
Transaction demand is the money needed by a person or company for their needs. It can tract the demands of an economy, with high demand as indicator for good economy.
What happens to the price of a good or service when there is excess demand?
When there is excess demand for a good or service, the price typically increases. This is because the high demand creates a scarcity of the product, leading sellers to raise prices to balance supply and demand.
What is the difference between price and supply?
if the supply is low and the demand is high, then the price of the good will be high. if there is high supply but low demand, then the price will be low. the price of a good or service is determined by the relationship between supply and demand. look for any basic macro or micro economics books and it should give you a very good explanation on the subject also pay attention to the graphs of supply and demand and you will get a better understanding of the relationship between supply and demand.
Are psychiatrists in high demand?
only if you want to be put on the good drugs...then yes they are
