KDLJP6564 KDLJP6564

16-08-2022
Business

contestada

When demand for a commodity decreases and supply remains the:_______
a. same, price tends to rise.
b. price tends to fall.
c. price is not affected.
d. the market becomes stagnant.

Respuesta :

tutorconsortium203 tutorconsortium203

22-08-2022

The correct option is-b) price tends to fall

When demand for a commodity decreases and supply remains the price tends to fall.

What is Law of Supply and Demand?

The law of supply and demand is a concept that describes the relationship between sellers and buyers of a resource.

Some key features regarding the Law of Supply and Demand are-

The idea describes the connection between the cost of a specific good or product with people's willingness to buy or sell it.
People are often inclined to supply more now and demand less when prices rise, and vice versa as prices fall.
According to the law of supply, when prices rise, sellers will offer more of the economic good.
These two rules interact to determine market prices and the volume of items sold on a market.
Many independent factors can influence the form of marketplace supply and demand, altering both market pricing and volumes.

To know more about Law of Supply and Demand, here

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