brennan2357 brennan2357

03-04-2019
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In a market economy, prices are determined by supply and demand. How is the price of an item affected if the supply goes down?

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mrsedlack mrsedlack

03-04-2019

In neo-classical economics, if the supply of a product with demand goes down there will be a corresponding increase in the price of the product as suppliers take advantage of the demand in the market.

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