Question

6. What would happen to supply and demand if only one company had a supply of certain necessary product?

Answer 1

Answer:

The demand for the company's product would skyrocket, likely inflating the prices of the product.

Explanation:

First of all, say for example you've developed a super potent pill that could cure many diseases. The demand for the pill increases and the prices go up. There's a likely chance of it getting patented due to its demand and success. But don't forget about the competition. There's also other companies that might try to imitate your recipe for their own profits. But since we're talking about just one company, that might not affect demand.