Think About It (Page 254) Vegetables are sold cheaper late at night at the weekly market compared to during the day. Class 7
hardThink About It (Page 254) Vegetables are sold cheaper late at night at the weekly market compared to during the day. Class 7
Vegetables are sold cheaper late at night at the weekly market compared to during the day. Why do you think this is so? Garment stores offer heavy discounts on woollen clothing at the end of the winter season. Why does this happen? Class 7
Answer:
Vegetables are often sold cheaper late at night because sellers want to sell their maximum stock before it goes spoil. The vegetables are perishable, some of them may spoil the next day. So they lower prices to attract buyers. Usually some buyers go in the late evening due to lower prices.
Similarly, garment stores offer heavy discounts on woollen clothing at the end of winter to clear out their inventory. As the season changes, demand for winter clothes decreases, and stores want to make space and money for spring and summer items. They want to buy stock of fresh variety for coming summer season. In both cases, the pricing strategies reflect supply and demand dynamics in the market.