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What usually happens to the demand for a good or service when the price increases?
When the price of a good or service increases, the demand for it usually decreases.
What happens to the demand for the main good if the price of a complementary good increases?
If the price of a complementary good increases, the demand for the main good typically decreases.
According to Adam Smith what happens when demand for a good increases?
The supply decreases.
What happens to demand if income increases and commodity is normal?
Demand also increases.
What happens when the demand for a product decreases?
When demand decreases, supply increases.
What usually happens to the demand for a good or service when the price increases?
When the price of a good or service increases, the demand for it usually decreases.
What happens to the demand for the main good if the price of a complementary good increases?
If the price of a complementary good increases, the demand for the main good typically decreases.
What happens when demand for a good increase but it's supply decrease?
The price for the good increases
According to Adam Smith what happens when demand for a good increases?
The supply decreases.
What happens to demand if income increases and commodity is normal?
Demand also increases.
What happens when the demand for a product decreases?
When demand decreases, supply increases.
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.
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.
When income increases the demand for this type of good increases inferior?
An example would be the car industry. When the income of consumers increases as a whole, the demand for cheap cars goes down and the demand for more expensive cars goes up. When that happens, cheap cars are considered inferior goods.
What happens to price as demand decreases?
Prices normally increase as demand increases and decrease as demand decreases.
What usually happens to the price of a good when the demand for it is higher than the supply available?
What ever the demand is it's scarce
What happens when the price of a complementary good increases and how does it impact the demand for the main product"?
When the price of a complementary good increases, the demand for the main product typically decreases. This is because consumers are less likely to purchase the main product if they also have to pay more for the complementary good that goes along with it.
