ARTICULATE THE MAJOR APPLICATIONS OF DEMAND AND SUPPLY TOOLS IN DIFFERENT TYPES OF MARKETS . REFERENCE SHOULD BE MADE TO ANY EME

Question

ddd [48]

3 years ago

7

ARTICULATE THE MAJOR APPLICATIONS OF DEMAND AND SUPPLY TOOLS IN DIFFERENT TYPES OF MARKETS . REFERENCE SHOULD BE MADE TO ANY EME

RGING ECONOMY OF YOUR CHOICE.

Business

1 answer:

zvonat [6] · Answer 1 · 2022-04-01T14:43:18+03:00

Answer:

Demand and supply are important tools for formulating an economy. The major role is played by demand and supply function in an economy. Demand and supply of a product decides the price for it.

Explanation:

Demand and Supply of a product is set in order to achieve equilibrium in an economy. If demand for a product is higher than its supply then it will create burden on its price and prices for the product will increase. If the supply for a product is high and demand is low then the prices will decline as customer will have sufficient supply to buy from and they will buy at lowest possible price.