Choose the correct answer :
In the period of scarcity of a particular commodity _________.
(a)price becomes less
(b) demand becomes less
(c) price and demand increases
(d) price and demand decreases
In the period of scarcity of a particular commodity price and demand increases.
When there is a scarcity of product, then all the consumer try to buy that product. Due to this the demand of that product rises. Also, as there are only a few quantities left with the supplier so in order to get the maximum benefit, they increase the prices.
Video Tutorials For All Subjects
- Change in Demand