How does demand affect pricing?
An example of an AI chatbot conversation about how demand influences pricing strategies.
How does demand affect pricing in the market?
Demand affects pricing by determining how much consumers are willing to pay. When demand is high, prices tend to rise.
Can you give me an example of this in real life?
Sure! During holiday seasons, the demand for toys increases, leading retailers to raise prices due to higher consumer interest.
What happens when demand decreases?
When demand decreases, prices usually drop as sellers try to attract buyers and clear out inventory.
Are there any exceptions to this rule?
Yes, some products, like luxury items, may maintain high prices even with lower demand due to their perceived value.
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