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What else can I help you with?
What is a product in high demand?
the whopper. at burger king, they dont produce it until you demand it.
What kind of relationship does demand have with prices?
the relationship demand has with prices is that when the demand for a product is high the prices go high as well, like gas and food....
Explain why the law of demand can apply only in a free market?
Because the free market is the entity that in itself dictates the law of supply and demand. If the purchasing public has a high demand for a product, then more of that product is produced. Conversely, if there is only a low demand for a product, less of that product is produced.
Should rug sellers' increase the price of rugs due to the high demand?
If a product is in high demand, the chances are good that the seller of that product is going to increase the price. It is a basic principle of economics.
What does it mean if a product's demand is inelastic?
If a product's demand is inelastic, it means that changes in the price of the product do not significantly affect the quantity demanded by consumers. This indicates that consumers are not very responsive to price changes, and the demand for the product remains relatively stable.
Which product leads to a High demand in Jamestown?
No
What are the Law of Supply and Law of Demand?
In economics, when a commodity is in high demand or in scarce supply, its price will rise; when a commodity is in low demand or plentifully supplied, its price will be lower.The laws of supply and demand dictate that if a product is in short supply, but the demand is high, the price of the product will also rise. If a product is in overabundance, but the demand is low, the price of the product will decrease.
What is a product in high demand?
the whopper. at burger king, they dont produce it until you demand it.
What kind of relationship does demand have with prices?
the relationship demand has with prices is that when the demand for a product is high the prices go high as well, like gas and food....
How do apple lower their product?
high supply low demand
Why is aggregate supply related to the price level?
This is in accordance to the Demand & Supply Theory... When the demand for a product is high and its supply is low, this usually causes the price of that commodity to increase Similarly when supply for a product is high and the demand for that product is low, it causes the price of that product to decrease. Hence the supply is inversely related to the price of any product (Provided the Demand is in accordance to the two points mentioned above)
Explain why the law of demand can apply only in a free market?
Because the free market is the entity that in itself dictates the law of supply and demand. If the purchasing public has a high demand for a product, then more of that product is produced. Conversely, if there is only a low demand for a product, less of that product is produced.
Should rug sellers' increase the price of rugs due to the high demand?
If a product is in high demand, the chances are good that the seller of that product is going to increase the price. It is a basic principle of economics.
What does it mean if a product's demand is inelastic?
If a product's demand is inelastic, it means that changes in the price of the product do not significantly affect the quantity demanded by consumers. This indicates that consumers are not very responsive to price changes, and the demand for the product remains relatively stable.
What is an example of something that reduces demand for a product?
Often when prices are too high and demand for a product or service lessens, it is because consumers have found a suitable substitute.
When a company produces a small quantity of product and a large number of people want to purchase the product what is true?
Supply is low, demand is high, and the product is priced high.
Can you use the word demand in a sentence?
The high demand for the new product caused it to sell out within hours of its release.
