Question

Explain the concept of supply and demand when it comes to grocery store prices. Use a specific product as an example.

Answer 1

supply is how much the store is getting, demand is how much the store is selling or how much this item is wanted. For example. The store gets 200 ponds of apples every day. However he is only selling around a hundred pounds! this means that he needs to reconsider his choices and look at his demands. He needs to lower his supply to like a 150 if only a 100 pounds is demanded! :)