Discussion:
Demand and Supply - 2 Paragraphs
• Discuss one recent price change of a product (or service) you were in the market to buy. Did you buy the product at the new price (?) and, if so, did the new price alter how much you purchased? Speculate on whether the price change you observed may have been caused by an increase or a decrease in the product's supply or demand. Provide a rationale for your response. (Hint: Prices rise when Supply goes down and/or Demand goes up. Prices fall when Supply goes up and/or Demand goes down.)