Question

Suppy and demana Shirts

Supply and demand are powerful forces in a free market.
In four to five sentences, explain some of the factors that
cause shifts in supply and demand and what the effects
of these shifts are.

Answer 1

Shifts in supply and demand occur when the amount of goods available increases or decreases, or when the demand for a particular good increases or decreases. Shifts in supply can happen when consumers change their spending habits, when competitors produce similar goods, or when the availability of labor or resources changes. Shifts in demand occur when the price changes or when the number of people trying to buy the good changes. It can also happen when people's tastes change.

Step-by-step explanation:

sample response hope this helps! :)

Answer 2

If supply of a product increases, its price decreases while if demand of the product increases, its price increases.

Step-by-step explanation:

Input prices of products, subsidies and government taxes are the factors that cause shifts in supply and demand. If the input prices are high so the price of products becomes high which decreases its demand and if their prices are low, the demand increases. If high taxes are imposed on commodities so its price increases and demand decreases while subsidies on different products increases the demand due to low price of the product.