Final answer:
While numerous factors such as product standardization, product mobility, and participant mobility influence the pace at which supply and demand forces operate, the degree of standardization of the product's price does not. External factors like government regulations, changes in input costs, and new technologies can significantly impact these dynamics.
Step-by-step explanation:
The speed at which the forces of supply and demand work can be affected by multiple factors. The degree of standardization of the product, the mobility of the product, and the mobility of the parties to the transaction can all influence how quickly these forces operate. For example, a high degree of standardization of a product like toys, could potentially lead to an increase in cost to small exporting countries, thereby shifting the supply curve and affecting the market price. Conversely, the degree of standardization of the product's price does not influence the speed of operation of supply and demand forces. Lastly, external circumstances such as government regulations, changes in costs of inputs, and new technologies can have a broad impact on supply and demand dynamics.
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