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
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Answer:
It is important to repeat this experiment more than once because if you do you know your data is more reliable and it also needs to be replicable.
Explanation:
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