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what is a scenario in which the consumer faces a shortage of a good due to high
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- Give one reason for decrease in supply of a goodRelationship between changes in price and corresponding changes in quantity that consumers will demand isHow a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service?
- Does a huge supply of a product lower or higher the price of a product?Explain all the reasons why a decrease in the price of a product would lead to an increase in purchases of the product. Identify a product or service for which you use on a regular basis. Discuss the product/service in terms of the Law of Demand from your perspective as the customer and consumer of the item. How does price impact your quantity demanded? In other words, what is your change in quantity demanded as a result in an increase or decrease in the product’s price? What are some shift factors of demand (anything other than price) that can adjust your overall demand for the product?
- The one saying that everything remaining constant, price and quantity demanded move in opposite directions? Can you think of any good/any type of good for which this isn't true? Are there any goods for which the quantity demanded increases when the price increases, or for which the quantity demanded decreases when the price decreases?Explain all the reasons why decrease in the products price will lead to an increase in purchases