2007-03-19 06:01:50 · 5 answers · asked by fradykat 2 in Social Science ➔ Economics
As the price increases, the consumer has greater incentive to seek out additional alternatives at the new higher price. As a higher percentage of them choose the alternative, the demand for your goods or services decreases.
2007-03-19 06:08:16 · answer #1 · answered by lunatic 7 · 0⤊ 0⤋
If nobody want (demands) the product, then the value is zero.
If one person want's it (demand) then the product's value increases one unit.
If two people want it (demand) then the products value increases another unit.
So, on and so forth.
If everyone wants it then the price is limitless; but you'd want to measure this against the supply to get a true price.
2007-03-19 06:30:37 · answer #2 · answered by Giggly Giraffe 7 · 0⤊ 0⤋
Because if price goes up, lesser people are going to buy the goods or service!
2007-03-19 06:06:12 · answer #3 · answered by r_ranjith 4 · 0⤊ 0⤋
Less people are willing to pay a higher price.
2007-03-19 06:08:56 · answer #4 · answered by outlaw_tattoo_biker 4 · 0⤊ 0⤋
Supply and demand.
2007-03-19 06:23:32 · answer #5 · answered by position28 4 · 0⤊ 0⤋