As supply and demand change for a good or service,so does its selling price.

Name: As supply and demand change for a good or service,so does its selling price.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When demand for a good or service exceeds its supply, the selling price tends to increase due to the scarcity of the product. Conversely, when supply exceeds demand, the selling price tends to decrease as producers try to sell excess inventory. Therefore, the selling price of a good or service is affected by supply and demand.

As Supply and Demand Change for a Good or Service,so