Prices are generally determined by the interaction between demand… - Vidyadip

Question

Prices are generally determined by the interaction between demand from buyers and supply by sellers. Can you think of products where prices are high despite lesser number of buyers demanding the product? What could be the reasons for that?

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Answer

Some products remain expensive despite having fewer buyers due to factors like exclusivity, branding, and production costs. Examples include luxury cars, designer clothing, rare antiques, and limited-edition electronics. These products are priced high due to their uniqueness, high-quality materials, and brand value, making them desirable to a select group of buyers.

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