Tag: Price

Elasticity of demand

When you raise the price of most items, people will buy less of them. For example, when one airline raises its price, air passengers may switch to a rival airline. When you reduce...

Demand and supply

The term demand refers to the quantity of a given product that consumers will be willing and able to buy at a given price. As a general common sense rule - 'the...

Pricing the product

 Introduction Pricing is one of the most important decisions made by any business organisation. Economists use the term market clearing price to identify a price at which sellers are prepared to sell because...
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