What do you mean by demand …
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Posted by Reta Ceta 5 years ago
- 2 answers
Meghna Thapar 5 years ago
Supply and demand, in economics, relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. ... The resulting price is referred to as the equilibrium price and represents an agreement between producers and consumers of the good. Supply refers to the amount of goods that are available. Demand refers to how many people want those goods. When supply of a product goes up, the price of a product goes down and demand for the product can rise because it costs loss. At some point, too much of a demand for the product will cause the supply to diminish.
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Harshita Dhariwal 4 years, 11 months ago
1Thank You