Question

14. Which is most likely to happen when the price for a good or service is

Answer 1

When the price for a good or service is high then supply increases.

Price is the sum that the producer receives for each unit of an item or service that is sold. A rise in price nearly always results in a rise in the amount of that good or service supplied, whereas a fall in price results in a fall in the amount supplied.

The widespread consensus is that demand slopes downward because customers buy less when prices are greater. The price at which supply and demand are equal is represented by the intersection of the two curves as the market-clearing price.

When a good's price is higher than equilibrium, this indicates that there is more supply of the good than demand for it. The product is available in excess on the market.

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