Question

Give me a specific example of how supply and demand affect prices in the real world.

Answer 1

Answer:

Supply and Demand affect prices in the real world because in the real world people can demand supplies so they can buy them and the more of the demand the more expensive the supply is. For example Russia can demand more toilet paper from America while the prices benefit America because they are the ones getting paid.

Explanation:

Answer 2

Answer:

Supply and demand rise and fall until an equilibrium price is reached.

Explanation:

For example, suppose a luxury car company sets the price of its new car model at $200,000. While the initial demand may be high, most consumers are not willing to spend $200,000 for an auto.

Hope this helped you!