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What effect does scarcity have on the price of a product if demand stays the same?
Wiki User
∙ 11y ago
The scarcer the product, the higher the price.
Wiki User
∙ 9y ago
Wiki User
∙ 11y agoThe scarcer the product the higher the price (If the people need it more they jack up the prices)
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If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
Conclusion of price elasticity of demand?
The conclusion of the price of elasticity of demand is the effect of price change based on the revenue it receives. It is based off the demand of the product and the price of the product.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What happens to demand when The price of the commodity is expected to decrease?
Scarcity
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.
If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
Conclusion of price elasticity of demand?
The conclusion of the price of elasticity of demand is the effect of price change based on the revenue it receives. It is based off the demand of the product and the price of the product.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
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.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
Why scarcity is important in economic?
if there is an scarcity in land or resources the and the demand will be high then the price will go up.
What happens to demand when The price of the commodity is expected to decrease?
Scarcity
What is an increase in price usually caused by?
Greater demand and scarcity.
Change in market price?
Changes in the market price is determined by demand of a product. If consumers demand the product, then the price will increase.
Total expenditures are determined by what?
Dividing the change in demand for the product by its change in price. e=(change in demand)%/(change in price)%
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
