How does supply and demand affect consumers?
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Price Elasticity. Increased prices typically result in lower demand anddemand increases generally lead to increased supply. ... Rising prices will reduce demand if consumers are able to find substitutions, but have less of an impact on demand when alternatives are not available.
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Heya user!
In case of demand ✨✨
If the price of commodity is increase,than the demand of commodity starts falling and if the price of commodity falls than the demand of the commodity increases.
➡️There is a inverse relationship between quantity demand and own price of the commodity.
In case of supply✨✨
When price of commodity is high,the higher the quantity supply,and lower the price,lower the quantity supply.
➡️There is a direct relationship between own price of a commodity and its quantity supply .
In case of demand ✨✨
If the price of commodity is increase,than the demand of commodity starts falling and if the price of commodity falls than the demand of the commodity increases.
➡️There is a inverse relationship between quantity demand and own price of the commodity.
In case of supply✨✨
When price of commodity is high,the higher the quantity supply,and lower the price,lower the quantity supply.
➡️There is a direct relationship between own price of a commodity and its quantity supply .
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