Applications of Supply And Demand



Applications of Supply And Demand

The price control in the scarcity is beneficial for consumers to avail the basic goods and necessities to survive in this crucial time. As the demand and supply are the building blocks of the economics. Therefore, an Economist must know how to control the prices and how to manage the shortage and surplus in an economy (Friedman, n.d.). The price control in the scarcity is beneficial for consumers to avail the basic goods and necessities to survive in this crucial time. If the government controls the prices, it causes an inefficiency and ...