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The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded by consumers increases, and vice versa. This inverse relationship reflects consumer behavior, where lower prices incentivize more purchases, while higher prices tend to discourage them. The law of demand is illustrated graphically by a downward-sloping demand curve. Factors such as consumer preferences, income levels, and the availability of substitutes can also influence demand.
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Will a cashier be in high demand or low demand?
it will be in high demand
Is being a pediatrician high or low demand?
HiGh demand.
What does an increase in supply of an item usually mean for a consumer?
lots of supply and low demand = lower prices lots of demand and low supply = higher prices demand and supply high = normal prices demand and supply low = normal prices
In a market economy a low price is a signal for?
low demand
Who benefits or loses from a low elasticity of demand for labor?
The low elasticity of demand for labor decreases with unemployment benefit. Generally low pay workers prefer that the minimum wage rate be increased until the labor demand is unitary elastic.
Will a cashier be in high demand or low demand?
it will be in high demand
Is there a high or low demand for a graphic designer?
Low. Low Demand + High Competition + Low Salary = Do something else in life.
Is being a pediatrician high or low demand?
HiGh demand.
What does an increase in supply of an item usually mean for a consumer?
lots of supply and low demand = lower prices lots of demand and low supply = higher prices demand and supply high = normal prices demand and supply low = normal prices
In a market economy a low price is a signal for?
low demand
Who benefits or loses from a low elasticity of demand for labor?
The low elasticity of demand for labor decreases with unemployment benefit. Generally low pay workers prefer that the minimum wage rate be increased until the labor demand is unitary elastic.
What is in a free enterprise economy supply and demand affect the of a product?
In a free enterprise system, when supply is low and demand is high, prices are higher, but when supply is high and and demand is low, prices are lower.
What happens to price if demand is high and supply is low?
What ever the demand is it's scarce
Is there a demand for sea glass jewelry?
Yes. There is a low demand for sea glass jewelry.
How does an increase in a products price affect demand for the demand for the product's complements?
It can affect demand because of individual low income earner.
Is demand curve canbe upwardly sloping?
A demand curve can have an upwards slope. It solely depends on if the demand for an item is high or low.
What is the law demand?
As the price of a good decreases, the amount that consumers are willing to purchase increases. It states the inverse relationship between price and demand; that when prices are high, there is a low amount of demand and when prices are low there is a high amount of demand. The price is the indicator in this law.
