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29 January, 20:20

According to the law of supply and demand, if strawberries become scarce due to a drought in berry-producing regions, what happens to the price of strawberries? a. The price will rise. b. The price will drop. c. The price will rise, then drop. d. The price will remain the same.

Answers (2)
  1. 29 January, 20:48
    A theory explaining the interaction between the supply of a resource and the demand for that resource. The law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price. Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be. So, A.
  2. 29 January, 22:05
    c. The price will rise, then drop
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