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Demand curve shifts are problematic because they are not only hard to foresee, but also because they necessitate quick responses to counteract and accommodate the consequences of shifting customer demand.
The relationship between the cost of an item or service and the quantity demanded over a specific time period is represented graphically by the demand curve. The price and quantity demanded are often represented with the price on the left vertical axis and the horizontal axis, respectively. Consumers and businesses are quite familiar with the idea of demand because it makes sense and happens organically throughout the course of almost any day. For instance, when a product's pricing is low, shoppers who are keeping an eye on it will buy more of it. For instance, the first slice of pizza that a customer purchases when they are hungry will be the one with the most utility. The utility decreases and the consumer is more satisfied with each subsequent slice. Theoretically, the consumer might be willing to pay more for the first slice. Demand curve shifts are problematic because they are not only hard to foresee, but also because they necessitate quick responses to counteract and accommodate the consequences of shifting customer demand. The market demand schedule is used by economists and marketers to assist set pricing, decide how much of a specific product to release onto the market, as well as other supply and sales-related choices. The market demand schedule is a table that depicts the connection between a specific good's price and demand.
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