Discuss one (1) recent price change of a product (or service) you were in the market to buy. Did you buy the product at the new price? Why or why not?
Was the price change you observed caused by an increase (or decrease) in the demand or supply of this product? What is the reasoning behind your response. (Hint: Prices rise when Supply goes down or Demand goes up. And prices fall when Supply goes up or Demand goes down. See graphs below for intuition.)