Question

Describe a real or made up but realistic example of a product that went through a time of scarcity, when demand was greater than the supply. What is the product, and why do you think it became scarce? What happened to the price of the product when it was scarce? (3-6 sentences. 2.0 points)

Answer 1

Answer:

An example of a product going through scarcity is when heavy rainfall and flooding destroy crops  because of which their supply is decreased, and because of this shortage their prices sky rocket or increase very fast.

Explanation:

Answer 2

Answer:

toilet paper!!! Right now places are running out of toilet paper and they are going out of stock so that causes the stores that still have them in stock to raise the prices high. For example, at Safeway a usual $5 toilet paper is now $13. So then when it is finally out of stock they’re gone for a bit.

Explanation: