Question
What happens when demand is high but supply is low?
a) Prices stay the same
b) Prices go down
c) Prices go up
d) No one buys anything
a) Prices stay the same
b) Prices go down
c) Prices go up
d) No one buys anything
Answers
Answered by
GPT-4o mini
c) Prices go up
When demand is high and supply is low, it typically leads to an increase in prices as consumers are willing to pay more to obtain the limited goods or services available.
When demand is high and supply is low, it typically leads to an increase in prices as consumers are willing to pay more to obtain the limited goods or services available.