demand and supply situation of the product during harvesting season
Answers
Answer:
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Explanation:
When prices fall consumers increase their purchases. They buy less when prices rise. However, the response to price changes depends on the type of product. For example, increases in the price of staple foods eaten daily, such as maize, rice, roots and tubers or green bananas, have a relatively small effect on volumes of sales, as people still need to eat. Similarly, falls in price will not lead to major consumption increases. This is not the case with luxury or non-essential food items such as oranges and apples. Small falls in price can cause a disproportionately large increase in sales, while small price increases can lead to a big fall in sales.
Condiments, spices and other products that are used in small quantities are relatively insensitive to changes in price. Low prices do little to increase sales as people do not change their recipes to use more spices when prices are low. This means that when products like garlic are in over-supply, prices fall dramatically, as consumers do not respond to price changes by buying more.