ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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large supply
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high prices
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small demand
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low profits
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Detailed explanation-1: -A seller’s market is a market that is short on supply and relatively high on demand, giving the seller, who possesses the scarce commodity, the power to fix the price, making the buyer a price taker, and hence the seller is a price maker.
Detailed explanation-2: -A seller’s market is characterized by rapid home sales, shortages of available homes and rising real estate prices. Knowing the difference, and acting accordingly, can help you in any home sale, whether you’re buying, selling or doing both.
Detailed explanation-3: -Britannica Dictionary definition of SELLER’S MARKET. [singular] : a situation in which few things of the same kind are for sale, prices are high, and sellers have an advantage over buyers-opposite buyer’s market.
Detailed explanation-4: -What Is a Seller’s Market? A seller’s market is a market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller.