Supply And Demand
Supply and demand describe market relations between prospective sellers and buyers of a good. Supply and demand in reality, determine the prices that consumers pay for goods. Basically stated, if a good is in high demand, the price will go up. If the demand for a good is in low demand, the price is expected to fall. Economist measures these activities, more often than not with a graph or chart. The in of this chart is called either the supply curve, or the demand curve. A very important concept in understanding supply and demand is to understand elasticity. In this context, it refers to how supply and demand respond to various factors.
In this situation, where a gas pipeline breaks, it causes consumer panic. In a situation such as consumer panic, it is more often than not, a situation where the demand goes way up, and the supply falls way under. Consumers will look to stock up on the gas, so as to avoid being out of gas. This will in turn make the available supply......
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