Question

Describe how a recent a
change in supply has affected a
product that you regularly purchase?

Answer 1

Because the supply curve is lower than the demand curve, price and quantity are determined by the law of demand. If the price falls, the quantity rises. If more and more ppl purchase it, the price goes up

Answer 2

As a result of a change in the supply of crude oil, gasoline - which is a regularly purchased product - has increased in price.

What happens to price when supply decreases?

The supply of crude oil and natural gas has decreased world wide as a result of sanctions on Russia.

As a result, this has led to increased prices in crude oil products such as gasoline because prices usually rise when supply decreases.

Find out more on the law of demand and supply at https://brainly.com/question/1222851.

#SPJ2