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Only scarce goods attract price. "comment"

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Only scarce goods attract price. "comment"

Posted by Sahin Kulsum 6 years, 4 months ago

CBSE > Class 12 > Economics

1 answers

Yogita Ingle 6 years, 4 months ago

Price of goods depend on a lot of factors which include price of other goods, cost of production, type of goods etc.
When a good is scarce means its availability is falling short of demand. To clear the excess demand price rises and thus goods command higher prices.

Suppose, a market is in equilibrium. The part below the equilibrium is the part showing excess demand. To restore equilibrium, either the supply has to increase or price rises along demand curve.

2Thank You

ANSWER

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