When is the price of a product demand determinedthe price, Ask an Expert

Economics

When is the price of a product demand determined?

The price of a product is demand defined while the product is in fixed supply. This means that the price of the product is defined only by the amount that the highest bidder (or bidders) is willing to pay.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9544307

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