supply relationship shows that the higher price, the higher the quantity supplied (Ferrell, O.C., Hirt, G., & Ferrell, L. (2009). Producers supply more at a higher price and selling a higher quantity at higher price increases revenue (McConnell, C., & Bruce, S. (2008).
2. Discuss what you think will happen to supply, demand and price of the product in the long- term.
In the long term, if the demand for the pie goes down, the price as well will go down. That is to say all else equal, as
Words: 1446 - Pages: 6