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Market Equilibration Process Paper - Essay Example

a key determinant of the level of demand is disposable income. People usually tend to demand more of a thing when their disposable income increases. However, there are other kinds of goods whose demand decreases with an increase in income and are called inferior goods. Taking a very simple to explain it, a soap can be defined as an inferior good when a person who’s income increases replaces a soap with a liquid hand wash. Another important determinant is taste of customers. There are trends in the market which must be followed if demand for a particular product is to be increased. Fashion clothes for example are highly demand soon after fashion weeks. Other important determinants of demand include the availability of complements and substitutes, population trends and expectations of price rise and fall. Supply Supply can be defined as the total amount of a product available for purchase at any price. There is direct relationship between price and quantity demanded as suppliers are ready to provide high quantity of goods when prices are high and vice versa. A key determinant of the level of supply in a market is the amount of spare production capacity. The higher the amount of spare capacity, the greater is the amount by which production can be increased.

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Market Equilibration Process Paper Demand Demand can be defined as a consumer’s desire and willingness to pay a price for a specific quantity of goods or services. The relation between the quantity of goods demanded and price is an inverse one. People demand more of goods when their price goes down and vice versa…
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