Related questions with answers

Research an example of how decreased market demand for a product has affected its price. Prepare a short talk about the product. Answer the following questions as you prepare: Why did demand decrease? Did the product become unnecessary or obsolete? Did the producer or its competitors offer a newer or better version? How did sellers try to increase demand for the product? Deliver your findings to your classmates. As you speak, be sure to make eye contact with your audience, speak audibly, and pronounce each word clearly.

Research an example of an item with decreasing supply and increasing demand that occurred in the United States within the last five years. What caused the supply of the item to decrease? When demand increased, what happened to the price of the item? What is the current status of the supply and demand of the item?

Research the price of a product. Using the price you found as the equilibrium price, create an imaginary supply and demand schedule showing how the quantity supplied and the quantity demanded for the product changes at various prices. Then, graph your results.

Question

Research an example of how decreased market demand for a product has affected its price. Why did demand decrease? Did the product become unnecessary or obsolete? Did the producer or its competitors offer a newer or better version? How did sellers try to increase demand for the product?

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A clear example of a product whose demand was reduced was the fax. This product when it came out and was standardized generated a high demand since it was something new and very useful, the fax allowed to send and receive graphic information through telephone lines, so a person in New York could send a fax of a document to a person in Boston and he would receive a sheet which would capture the information.