How does ‘demand’ affect the price of a product?
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The price of a product is determined by both demand and supply. The price will increase if the demand for a good goes up as the good becomes short in supply due to increased demand. Similarly, if the demand is decreased, its availability becomes excessive in relation to the existing stock and the price goes down.
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The price of a product is determined by both demand and supply. The price will increase if the demand for a good goes up as the good becomes short in supply due to increased demand. Similarly, if the demand is decreased, its availability becomes excessive in relation to the existing stock and the price goes down.
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