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What happens when the price decreases in the case of a product that has elastic supply?
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What happens when the demand for a product decreases?
When demand decreases, supply increases.
What happens when the supply of a product decreases?
Price increses
What happens in the case of a product that has elastic supply when the price decreases?
Consumers switch to other goods. Prices will probably rise, but nobody will buy the good (because it is elastic), so eventually they will fall again.
According to Adam Smith what happens when the supply of a product increases?
The price decreases.
The supply of a product normally decreases if what happens?
The supply of a product normally decreases if a retail store offers a sale on the product. The shortage after the sale might tend to make prices rise if the product is still in high demand.
What happens when the demand for a product decreases?
When demand decreases, supply increases.
What happens when the supply of a product decreases?
Price increses
What happens when the supply of product decreases?
Price increses
What happens in the case of a product that has elastic supply when the price decreases?
Consumers switch to other goods. Prices will probably rise, but nobody will buy the good (because it is elastic), so eventually they will fall again.
What happens in the case of a product that has elastic supply when the price decrease?
people die
According to Adam Smith what happens when the supply of a product increases?
The price decreases.
According to Adam smith What happens when demand for a product decreases?
Supply increases.
What happens when the supply of product decreases according to Adam smith?
The price increases
The supply of a product normally decreases if what happens?
The supply of a product normally decreases if a retail store offers a sale on the product. The shortage after the sale might tend to make prices rise if the product is still in high demand.
When demand decreases and supply decreases what happens?
prices go higher
If demand decreases and supply is constant what happens to the equilibrium price?
If demand decreases and supply is constant, the price will increase.
What happens to supply when input cost go up?
it decreases bc consumers find a substitute product
