According to the principles of supply and demand, the price of a product increases, the amount supplied will also increase because there is positive relationship between price and quantity supplied.
<h3>Why when price increases supply also increases?</h3>
Economists States that there is a positive relationship between price and quantity supplied—that means a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied.
Principle of supply states that at a higher price, a producer is willing to produce more of a good.
Principle of demand states that at a higher price, a consumer is less willing to purchase a good.
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Answer:
c. Cultural differences, government demands, and local competitors
Explanation:
Philips organization is multinational organization and it encounters the forces of local responsiveness as follows:
Cultural differences: As it is selling electronics it will remove cultural differences as that arise, because each person irrespective of its culture will use electronics.
Government demands of the country in which the organization is set up has to be met in order to thrive and find extra support from government.
As the company is an outsider to the states it needs to evaluate the local competitors properly in order to thrive and lead in the state of Netherlands.
Mins of meeting must to held
Opening prayer
Introduction of last discussion
