The quantity of a commodity made available to purchasers or consumers by producers at a set or specific price is referred to as supply. Demand can be defined as the buyer's willingness or desire, as well as his ability or capability to pay for the service or item.
- Shifts in supply can occur when consumers' spending patterns change, when competitors create identical goods, or when labor or resource availability changes.
- Income, changes in tastes, population, prices of complementary or replacement commodities, and predictions about future situations and prices are all factors that can modify the demand curve for services and goods, resulting in a varied quantity demanded at any given price.
- Several factors influence either supply or demand. These considerations can be divided into two categories: pricing on one side and other factors on the other.
- Changes in the cost of a product or service produce a movement but not a shift in the supply or demand curve.
- All other factors influencing demand and supply create a shift in the demand or supply curve, depending on which curve is influenced.
For more information regarding the supply and demand shifts, refer to the link:
https://brainly.in/question/2657860
