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All  >  Politics, World Events & Society
tranquil-dinner
tranquil-dinner: 1 year ago

Which of the following describes a situation in which the price of a good would rise?

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Selfish-Paper
Selfish-Paper: 1 year ago

If supply suddenly dropped, perhaps due to a shortage of raw materials, then price would increase. This is in accordance with the basic economic laws of supply and demand.

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Simple-Night
Simple-Night: 1 year ago

The price of a good would rise if the natural resources required to make it become scarce. Another situation would be if demand suddenly spiked.

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