Supply and Demand

Law of supply states that other factors remaining constant, supply is the function of its price where an increase in price of the commodity increases quantity supplied in the the market and a decrease in price reduces quantity supplied.

which is true about the functional relationship shown in the graph

The price usually goes up. If lots of people want something, you have to pay more to get it.

Fluctuations in the price of goods. The affect of demand on price is directly proportional and supply's affect on price is indirectly proportional.

Shortage will occur.

The fact that there are far more in India than the US

During the Civil War, supply and demand significantly impacted consumers in the South, leading to shortages of essential goods. As the war disrupted trade and agricultural production, prices soared due to increased demand for basic necessities, while supply dwindled. This resulted in rampant inflation, making it difficult for many Southern families to afford food and other vital items, ultimately exacerbating the hardships faced by the civilian population. Consequently, the economic strain fueled discontent and hardship among Southern consumers throughout the conflict.

There is no way supply and demand affect disasters, they are natural things in nature while supply and demand are economic processes. Disasters can easily decrease the supply of something, which increases the price on that good.

the price of houses increases, and the supply increase

In this case supply of goods surplus in the market and then their is cahnce to decreases in prices for the purpose of rises in demand.

LoL........LSC students.

Difference is that inelastic demand people need to have that item no matter what the cost. An example would be insulin for diabetic people.

Elastic demand is when someone doesn't need to buy a product if the price changes. Example is ramen noodles. If they cost $100 per packet people wouldn't buy them.

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Soybeans, corn, Coarse grain, wheat, cotton and rice

Yes. if a price is lower, then then demand will be higher, because a person will get a relative value for less cost than it had before, and therefore more people will buy more products. and the other way around.

Demand can remain high despite its price depending on the commodity or the product. It all depends on the commodity in question. In the US, the price of gasoline will have little change in its demand. For example, for the most part, gasoline is used by consumers to travel to work. As people must still get to work, the demand for gasoline will not change to much. Yes car vacations in the Summer may lessen, but the price won't change unless the quantity of gasoline expands.

because, thats when people want to go during their summer break so airlines cost more

Like all agricultural items Rice prices do go up due to demand and the pitfalls of agriculture pending weather/climate/disease/Pest destruction.

One primary example is pest damage about every 10yrs as rice yields hit a all time high so do common marsh rats in the Mekong delta of Vietnam. Drought plays a role as at certain times rice requires some flooding irrigation while too much may entirely wipe out the crop.

Rice is one of the most durable and versatile food staples with extreme low water weight and ease to store and ship also increases the most valued first food commodities in the world feeding starving regions of the world. It can be modified/enriched with nutrients and the versatile enough to be low-glycemic and glutton to be boiled into a broth to feed those too weak by famine and disease that otherwise couldn't digest other food sources.

**It is one the most highly demanded food staples in the world any crop failure/loss via storage damage or increase of demand via human conflicts to stave off mass starvation due to natural disasters or man made conflicts tethers the cost even higher pending an acceleration of one or more of these issues either limiting supply or increasing demand.

**The food service industry highly values it' for diversification and versatility to meet dietary restrictions or demands for low calorie and lower cost foods source versus the higher costs of fresh meats and higher cost produce. (see related question "why rices is a commodity for caterers?")

If there is no form of price control in place then yes it does.

The imposition of a tax on the commodity (or even on the factor of production) translates into increased costs of production for the producers. This is because the producers would require much more to produce a given unit of that commodity. In response to the law of supply, the quantity supplied of that commodity will decrease arising from increase in costs of production. This is equivalent to an in-ward or up-ward shift of the supply curve, from the original equilibrium position. The market re-gains equilibrium with a new higher equilibrium price and lower equilibrium quantity. The producer, however, has to compensate him or herself by adding the amount of the tax to the supply price. This suggests that the incidence of the tax is shared by both consumers and producers. The consumers pay the tax in form of increased prices of the commodity while producers will pay the tax in form of increased costs of production. The proportion of the tax paid by either the consumer or producer depends on the price elasticity of demand for the commodity. Ceteris paribus, the more price inelastic the demand for the commodity, the bigger the proportion of the tax paid by the consumers and vice versa.