Following the law of supply, U.S. shale oil firms will lower output because OPEC is letting price plummet but airlines on demand side like lower prices.…
Peanut Butter Economics
Last year, we had a peanut shortage. As a result, Skippy raised its prices and Smucker’s removed its reduced-fat creamy peanut butter spread from supermarket shelves. But now, supply has respond…
Venezuela's Economic Problems
Venezuela has 2 basic economic problems: The law of supply: Because price and quantity move in the same direction, if price goes down, then producers provide less. This takes us to Venezuela’s 2…