"Economists claim that when the price of something goes up, producers bring more of it to the market."
"Economists argue that lower prices will necessarily result in less supply."
Are economists wrong? A few years ago oranges were priced high but I could hardly find one and in the 70's calculator prices were outrageous but now they cost less and sales are much higher.
Evaluate the two statements and use your own examples for each.
**10 points for best answer!
"Economists argue that lower prices will necessarily result in less supply."
Are economists wrong? A few years ago oranges were priced high but I could hardly find one and in the 70's calculator prices were outrageous but now they cost less and sales are much higher.
Evaluate the two statements and use your own examples for each.
**10 points for best answer!