Next month, a steak price increase is anticipated. from the perspective of the customer This statement will come to pass, and the law of supply will be activated.
It is a demand issue since buyers anticipate that the price of steak will increase in the upcoming month, making this a price change EXPECTATION for them. So they'll head to the shops and stock up on meat right away.
Customers will purchase more now because they anticipate that the price of steak will increase in one month. The demand curve will be moved to the right as a result. The Law of Supply will then be triggered by that. With a higher price and an increased equilibrium quantity, a new equilibrium will be established. Producers are more eager to supply more because the price is higher. A supply increase is NOT the case here. An increase in supply results in a leftward shift of the supply curve, which drives down prices. A greater price causes the Law of Supply to be enforced. If the price is higher, producers will increase their output.
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