What happens to the price of a agricultural product when ...
What happens to the price of a agricultural product when demand exceeds supply?
The price fluctuates randomly
The price decreases
The price remains unchanged
The price increases
Correct answer is D
In economics, when demand exceeds supply, it creates a shortage. The price of the product will increase until the quantity demanded is equal to the quantity supplied, a state known as equilibrium. This is because the high demand and low supply create a competitive market where buyers are willing to pay more to secure the product.
In which of the following ways are metamorphic rocks formed? ...
The parts labelled I, II and III of the farm animal parasite above form the ...
What is the effect of applying pressure on a ring inserted through the nostril of a bull? ...
Broadcast Crop Planter is designed ...
To reduce rural-urban migration, the government should ...
The factor of production whose reward is profit is ...
What does the concept of demand and supply refer to in agriculture? ...
Soil can be drained by the use of the following except ...