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If supply exceeds demand for a product what economic explanation occurs?
prices decrease
What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
Which of the terms describes an economy in which prices form the basis for economic decisions?
market or market economy
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
A free market economy in which prices are set by economic forces of supply and demand is sometimes described as?
Laissez-faire
If supply exceeds demand for a product what economic explanation occurs?
prices decrease
What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
Which of the terms describes an economy in which prices form the basis for economic decisions?
market or market economy
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What is the effect of economic meltdown in Nigeria?
Prices of goods increased from the normal state.
Use economic theory to explain why there might be such a range of prices in airline tickets?
Very simply - supply and demand
A free market economy in which prices are set by economic forces of supply and demand is sometimes described as?
Laissez-faire
Economic growth has caused the relative prices of most basic natural resources to increase true or false?
True - More demand equals higher prices
What is the difference in price effect and a change in demand?
price effect is the inclination of people to buy less of something at higher price than they would buy at lower prices. a change in demand if the entire line of demand must move or shift.
How pricing decisions taken when competitors would not react?
Pricing will be as per the demand and cost conditions. The producers have the freedom to charge their prices . However, prices tend to be more or less the same
How is the economic environment of a country determined?
The economic environment is determinined by the laws of demand and supply. When there is high demand of goods and low supply prices are likely to go up vice versa. These goods can either be money or goods in economy.
The economic system in witch consumers control prices and production through supply and demand is called a?
free market economy
