The answer depends on a crucial information that it is not provided, the purchasing power of those potential customers, but it still it is possible to reason how the demand and supply of membership would work.
- Surplus of memberships would take place when in the gym market there is a shortage of demand. This situation occurs when there are less customers willing to purchase the product at 45$ than the number of memberships that are available. To claim if this is the case in the example we would need to know the structure of the demand function in this market.
- Shortage of memberships takes place when in the gym market there is a excess of demand. The price is afforded by a number of customers which exceeds the amount of memberships available. Therefore, some rationing mechanism would be necessary to fix who will get the membership and who will not. Again, it would be necessary to know who the demand function works.
Answer:
Myths and Legends have been a big part of everyday life and have been passed on from generation to generation. They have inspired and taken a large place in society. But why are some myths and legends from the middle ages still very popular today? It is because they are gripping and entertaining. They designed their stories to be as complicated and detailed as possible so it would keep those listening to the stories entertained. This is because most people were illiterate probably due to the fact that about 90 per cent of the population were peasants and thus had little or no education. These highly entertaining stories have been passed on from the people of the Middle Ages down to us today and we have loved them so. So many of our stories today are based on concepts from the middle ages which prove we love them dearly. For example, we have all fallen in love with things like the Hobbit which is based completely around medieval warfare, magic and Dragons (Check out some info on them at mythological creatures). Another example is the TV show, Merlin based completely on the stories and myths of King Arthur and Merlin and all the adventures that took place. So the reason that we all have fallen in love with these Legends or Myths is because they are so intricate and beautifully woven that we have no choice but to love them.
