Question
Give an alternative explanation for the price change example: I observed that the price of medical masks has decreased significantly since March. This is most
Give an alternative explanation for the price change example:
"I observed that the price of medical masks has decreased significantly since March. This is most likely a result of a steady supply of masks being produced to supply the demand of people staying safe during the pandemic. On the other hand, back in March, prices were increasingly high, which was likely because there was high demand for them but a low supply, resulting in a scarcity of medical masks, which caused a spike in the prices. The current decrease in the price of medical masks caused supply to shift to the right, lowering the equilibrium price."
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