When supply is fixed or the product is unique, then price is
A) supply determined.
B) demand determined.
C) government determined.
D) indeterminate.

Question

Quizplus · Accepted Answer

When supply is fixed or the product is unique, the price is primarily determined by demand, as the limited availability of the product means that consumers' willingness to pay becomes the main factor in setting the price.

When Supply Is Fixed or the Product Is Unique, Then