The situation in which surplus of a product led to decreased prices and shortage led to increased prices. Introduction: A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

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Chapter 1, Problem 1.6QA

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To determine: The situation in which surplus of a product led to decreased prices and shortage led to increased prices.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

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