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When demand is greater than supply a supply shortage or scarcity arises and prices increase.
The price declines until demand increases.
They rise. Supply & demand.
When the price is above equilibrium, there is a surplus because supply is greater than demand. The price of the good will naturally decrease back to its equilibrium price where demand and suppy interesect, thus eliminating the surplus.
c) either the good remains unsold or the price drops
The price will decrease until the supply decreases or the consumer wants more of it.
When demand is greater than supply a supply shortage or scarcity arises and prices increase.
supply shifts in
The price declines until demand increases.
They rise. Supply & demand.
there will be an increase in total and market supply, therefore allowing a greater choice to the consumer; that is - you will a greater range of products to choose from! :)
When the price is above equilibrium, there is a surplus because supply is greater than demand. The price of the good will naturally decrease back to its equilibrium price where demand and suppy interesect, thus eliminating the surplus.
c) either the good remains unsold or the price drops
Supply schedule and supply curve and related in the sense that there exists an important relationship between supply and demand. The greater the supply curve, the greater the supply schedule.
The answer will depend on what you mean by nonpeirslable - a word that has no meaning in the English language.
The price often come down as suppliers try to shift slow selling stock.
Supply chain means, a chain of supply frow raw material to final product or to consumer. For example: Hides -> tanning -> cutting -> manufacturing -> leather bags -> consumer.