The present selling price corresponds to the equilibrium price of the product.
- We can observe that the equilibrium price is $400, and the equilibrium amount provided and required are both 4000. Because the current selling price is $400 and the equilibrium price is $400, we may conclude that the current selling price corresponds to the product's equilibrium price.
- The law of demand states that if more people want to buy something and there is a limited supply, the price of that item will rise. Similarly, the greater the price of an item, the less it will be purchased by consumers.
- The law of demand helps us understand why things are valued the way they are and to discover chances to acquire perceived underpriced (or sell perceived expensive) items, assets, or securities. For example, a company may increase output in reaction to higher prices caused by increased demand.
Thus this is the meaning of law of demand.
To learn more about law of demand, refer: brainly.com/question/21838055
#SPJ1
Gilgamesh became the first epic hero in world literature by defying death in the course of his quest for purpose in life. Every person who has contemplated life's purpose in the presence of death can relate to Gilgamesh's sadness and the concerns his friend's death raises.
What is the most important thing about Gilgamesh?
The Epic of Gilgamesh is arguably the most significant and well-known piece of Sumerian literature. Although the story is about an epic hero akin to Hercules from Greek mythology, Gilgamesh is most likely a genuine Sumerian ruler who ruled over the city of Uruk.
How significant is epic of Gilgamesh in the world of literature?
As the earliest known epic story we have, Gilgamesh is regarded as the first literary masterpiece of all time. Trying to make the connection between the present day and 2800 BCE may at first appear intimidating.
Learn more about Gilgamesh: brainly.com/question/16553774
#SPJ4
