a) Explain what you understand by the phrase "Demand is outstripping supply availability".

b) Why do you think that "Demand for PPEs has reached unprecedented levels as COVID-19 spreads globally"?

c) State two factors that has impeded the supply of 'PPE'.

d) Can a 'Black Market' arise in the market for PPE? Explain.

e) Suppose that the demand for surgical masks that UN delivered in Q1 2020 was 2.3 million. What was the market situation in the surgical masks industry in Q1 2020?

f) If the demand for 'gloves' is elastic in the PPE market, do you think that the glove manufacturers would want to decrease the prices charged to consumers per pair of gloves produced? Explain.