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Why do buyers pay a high price for somthing tha is scarce?
This is due to the principles of supply and demand. If a product is in high demand but low supply then sellers will raise the price and maximize profits. They also will pay a high price either because they want the product ( a discretionary decision ) or the need it.
If a good or service has high demsnd and a scarce supply the price is likely what?
a scarce supply of th price is what
Why would the price of a product made with scarce natural resources tend to be high or low?
High.
What is the role of prices in the free market?
Prices in a free market are a measure of scarcity and desirability. Something that is scarce and desirable - gold, for example - will have a high price. Something that is common but still desirable - bread or beef - will have a lower price. As the scarcity or desirability of an item increases, the price will increase.
What happens to price if demand is high and supply is low?
What ever the demand is it's scarce
What did highwaymen do with their stolen goods?
They sold it to worthy buyers. They sold many for a high price.
How does supply and demand affect the price of homes?
It's simple if you have a lot of buyers of one place they will compete and price will go up but if you don't have a buyer at all definiately price will be low like in some areas price are high and in some it's low just because amount of buyers.
If the price of oil rises around the world what will happen to oil production in Texas?
They will produce less of it because when the price raises, the buyers want less of it because the price is too high.
What signal does a high price send to buyers and sellers?
a signal that makes coustermers buy more supplies from te companies
How do you get ripped off?
Probably by buying something for a high price that wasn't supposed to be sold for a high price, and/or buying a piece of junk for a high price.
What is a one word substitute for a very high price?
The term is exorbitant. Something with a high price is called expensive.
Who set the price for gold?
Everyone. Gold has no set price, just a market price based on supply and demand. It has to do with the cost of production (Finding it) and the demand. Price is always high, as it is a scarce resource. When we run out of its supply, the demand will increase and the price will increase majorly.
