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Questions and Answers
Producers decide on the price for their goods and services based on supply and demand in the market.
Producers decide on the price for their goods and services based on supply and demand in the market.
True (A)
When the supply of goods in the markets is low, the price of the product becomes high.
When the supply of goods in the markets is low, the price of the product becomes high.
True (A)
When there is a lot of the product on the market, the price of the product becomes low.
When there is a lot of the product on the market, the price of the product becomes low.
True (A)
Producers always set high prices for their goods and services when the demand is low.
Producers always set high prices for their goods and services when the demand is low.
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The price of a product is not influenced by the supply or demand in the market.
The price of a product is not influenced by the supply or demand in the market.
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