
If the supply exceeds the demand, the price falls to the point of equilibrium. The rise is till both demand and supply meet at an equilibrium. If the demand of an offering is more than its supply, the price rises, allowing only those buyers to access the offering who have the willingness and ability to buy it. This point is called the equilibrium price. That is, it rises or falls till the quantity demanded equals the quantity supplied. Prices depend on the law of demand and supply. This would allow the supplier or producer to decide whether the offering’s production and supply would help them gain a more significant profit. Similarly, an offering’s price would help a supplier determine the kind of demand an offering sees in the market. Hence, a customer would be able to get this information from the drastic difference in these similar offerings’ prices. For example, a good quality offering might cost more than an offering that used cheaper raw materials. The transmission function of price: Prices necessarily transmit information to all those involved in the marketplace, and this, in turn, enables both producers and customers to make an informed decision in the marketplace.Accordingly, they would prefer to produce that particular offering as it is more likely to be profitable. This allows suppliers a look into the changing demand trends of customers in a marketplace. The incentive function of price: Usually, when a commodity’s price rises, it is because its demand has increased.It would enable the elimination of surpluses of this commodity in the market. Similarly, if the market has an excess of a particular commodity due to lower demand and higher supply, its price tends to decrease. For example, gold is a scarce resource that sees a constant rise in its price over the years as its demand increases. If an offering’s demand is high, but the supply is low, the market evidently will see a rise in its price. The signalling function of price: Often, an offering’s price varies due to its demand and supply volumes – by the scarcity or the surplus of an offering in the marketplace.For example, diamond is a luxury offering that can only be bought by those who are willing and have enough financial resources to purchase it. A scarcity of resources causes the resource’s price to go high, allowing only those customers to buy who show both willingness and ability. The rationing function of price: Prices have the ability to ration scarce resources.Below listed are some of the functions of prices:
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This will then open the 24-hour window to exchange as many messages as needed by the business and user.In a free market, prices serve several purposes. The charge will be for the first message sent by the business. The business will get charged only when they respond to the user-initiated message. When the user messages and there is no open conversation. If a business replies to a user with a template message or sends a template message in an open service conversation, this opens a new conversation based on the template category.

Service conversations will still only be initiated when no other conversation window is open and a business responds to a user with a free form message within the 24-hour customer service window. For example, a business can send multiple utility templates in an open utility conversation with no additional charges.

However, sending multiple templates of the same category within an open conversation will not incur additional charges. For example, if a utility conversation is open and a marketing template is delivered within that open conversation, a new, separate marketing conversation is opened and marketing conversation charge is initiated. When a template is delivered, it opens a new conversation of that category and incurs the charge of that conversation category, unless the template is delivered during an open conversation of that category. Conversation charges will be based on template category.
