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March 29, 2015

Homework Help: supply and demand

Posted by techguy on Sunday, February 18, 2007 at 11:09am.

-what happens if a shortage of a product currently exists in the market?
-what happens if a priceincreases?
-when a firm advertises products, what does it atten too?
-in a market, conpetitive forces guarantee that any price other than the equilibrium price is:
-the "ceteris paribus" clause in the law of demand does not allow which of the following factors to change?
-what willnot cause a movement along the supply?
-

I'm not sure on the others, but I know that when demand is high then the price is high. So if there was a shortage, the price would be higher. Just think of new gaming systems. People are willing to spend hundreds of dollars on ebay to get them when the stores run out. Supply is low and demand is high.

If a price increases, in my opinion it would make the demand lower.

Hope that helps some.

thanks andrea

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