There is this question has been disturbing me for some good time now. This question is in regard to “Which would best explain a decrease in both the price and the quantity of a product over a period of time?”. Honestly, I have made several attempts asking the different people, those I take to be best at Economics but so sad that every one almost gives me the same answer.
Yes, many have been promising to email me back with an answer on “Which would best explain a decrease in both the price and the quantity of a product over a period of time?” while others given me answers by way of explaining each of the words in the question independently.
As far as I know, a decrease means a reduction in something be supply or demand, while price means that much you will be in order to get the product or service you want. On the other hand, quantity refers to the number of material or amount and us usually estimated by spatial measurement, while a period of time simply means that time in which something is happening, is done or completed.
In my own way of answer this question of “Which would best explain a decrease in both the price and the quantity of a product over a period of time?”, all I can say is that a lot of factors can bring about this. Factors which affect demand and production when combined can bring about it.
We are used in a world where the more the demand, the higher the price and the lower the production, the increase in price since many will be competing to buy the same product or service.
Well, like I said, a combination might bring about this, and which is the same thing which has been troubling me and has continued to do so since I haven’t found the right answer to this same best way of explaining it.
If you really know the answer to this question “Which would best explain a decrease in both the price and the quantity of a product over a period of time?”, please share it in the comment section below. By you sharing, you will not only be helping me but also, the millions of others who are searching for the same answer.. Please tell us!
