Early on with the onset of the COVID-19 pandemic, consumers were worried about the spread of the
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Question:
Early on with the onset of the COVID-19 pandemic, consumers were worried about the spread of the virus and increased their demand for delivery services such as Amazon and Uber instead of shopping on their own. In addition, workers employed by these delivery services cut back on their shifts because of the fear of the spread of the virus. With both things happening together, what can we say about how the equilibrium price or fares of delivery services changed during this time in the pandemic? |
a) Equilibrium price increased |
b) Equilibrium price decreased |
c) Equilibrium price stayed the same |
d) Can't be determined- it depends on the relative shifts of the curves |
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