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.
When a cockerel is castrated, it becomes a ...
Mastitis is a disease which affects the ...
The hormone generally called pregnancy hormone in farm animals is ...
Which of the following is a type of land tenure system? ...
The following are signs of ill-health in farm animals except ...
Dura, Tenera and Pisifera are all cultivated varieties of ...
Fertile eggs will be produced by breeders if the ...
Which of the following is not an example of edaphic factors? ...