CBSE Class 11-commerce Answered
Question is from Economics
Rule of demand is when price is high, demand is low (as per consumer) when price is high, supply will be more ( as per producer)
So my question is that , that if price of particular object is high then consumer will buy less than why producer is supplying more ??????
Asked by SonaliPatra | 16 Sep, 2018, 11:20: AM
Expert Answer
According to law of demand, there is inverse relationship between demand and its price. On the other hand, the law of supply states direct relationship between the price and its supply. However, the market equilibrium is determined only when market demand and market supply intersect each other. Excess supply from the producer’s side and excess demand from the consumer’s side is automatically corrected by market forces. Therefore, excess demand or the excess supply is wiped out and equilibrium is restored.
Answered by Tharageswari S | 17 Sep, 2018, 08:41: AM
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