Answered

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3.
Explain the effects that scarcity of a particular product might have on demand and price for
that product.

Sagot :

kolok8462
Answer:

In a free market, it can be expected that the price will increase to the equilibrium price, as the scarcity of the good forces the price to go up. When a product is scarce, consumers are faced with conducting their own cost-benefit analysis; a product in high demand but low supply will likely be expensive.
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