Question

Given the business situation of Mrs. Acres Homemade Pies (p. 30) and using the economic concepts of supply and demand, explain 1) Discuss what you think will happen to the supply, demand and price of the product in the short-term; 2) Discuss what you think will happen to supply, demand and price of the product in the long-term. 3) Explain why you think supply, demand, or equilibrium price will be different, if at all, in the short-term and the long-term.