When do the laws of supply and demand have less effect on prices?
(1 point)
Responses
when a good or service is new
when a good or service is new
when outside factors cause changes
when outside factors cause changes
when buyers search for substitutes
when buyers search for substitutes
when sellers want to make more money
3 answers
This question is a bit confusing because all of the options provided can affect the laws of supply and demand and subsequently impact prices. However, if we had to choose one option that may have less effect on prices, it would be when a good or service is new. When a new product or service is introduced to the market, the demand may not be fully established, and sellers may not have a clear understanding of the supply needed, leading to potential fluctuations in pricing. However, it is important to note that this option is not the only factor that can influence prices. Outside factors such as changes in technology, government regulations, economic conditions, and buyer behavior can also have significant impacts on price fluctuations.
i need 1 questions
In what situations do outside factors have the most significant impact on the laws of supply and demand and subsequently affect prices?