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The price of a product or service

pl61

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3 years ago

The price of a product or service

Although many of us complain when the price of a product or service rises. If price were not allowed to rise, what would be the undesirable result?

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bio_man

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Educator

3 years ago

Quote from: pl61 (3 years ago)

If price were not allowed to rise, what would be the undesirable result?

There wouldn't be a demand for that product because everyone could afford it. Imagine everyone could afford a Ferrari, they'd be out of stock almost instantly and their value would decrease because there are too many in circulation.

No increase inflation (or zero inflation) economy might slipping into deflation. Decrease in pricing means less production and wages will fall, which in turn causes prices to fall further causing further decreases in wages, and so on.

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pl6

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pl6

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3 years ago

Thank you bio_man for the great answer.

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