ECONOMICS
MARKETS AND PRICES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increase production
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Increase prices
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Both of these
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Neither of these
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Detailed explanation-1: -A seller helps customers and then offers the best solution in regards to the products being sold. They also explain to the customers how a certain product works when necessary, as well as explain the current deals and discounts.
Detailed explanation-2: -The relationship between supply and demand is indirect, meaning that when supply increases, prices decrease and demand increases. When supply reduces, prices rise and demand goes down.
Detailed explanation-3: -If demand exceeds supply, prices will rise. The law of supply and demand is based on two other economic laws: the law of supply and the law of demand. The law of supply says that when prices rise, companies see more profit potential and increase the supply of goods and services.
Detailed explanation-4: -Wholesalers: These sellers deal with large quantities and sell en masse or in bulk. Retailers: These entities sell directly to the consumer. Online Sellers: Also called online vendors, these sellers work exclusively online without any brick-and-mortar locations.