Question

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

Answer 1

The supply of a product is determined by the amount of demand received for the product.

If more people demand fresh strawberries, then the amount supplied will increase, which in turn will increase the price because in order to get more strawberries for the customers, you need money. Customer supplies the money, you supply the fresh fruit. Customer demands fresher fruit, you supply them, on the condition of higher prices; also it being a fresh produce will effect the cost as well. hope that helps!!