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Elias Boone
15 October, 18:05
How Did Supply and Demand Effect farmers
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Leilani Roach
15 October, 18:28
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Supply and Demand Effects farmers in various ways:
Demand Increase: Price increases, Quantity increases. Supply Increase: Price decreases, Quantity increases. Demand Decrease: Price decreases, Quantity decreases. Supply Decrease: Price increases, Quantity decreases.
Explanation:
Supply and demand, as well as market prices, will rise and fall until they achieve a balance, which is called market equilibrium. As a response to decline the sales, farmers will have to lower the prices until the demand for product increases.
If a farmer set a price which is too high, thus the demand will decrease. If the market price is high, the interest of producers for a certain product or service will increase.
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