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21 July, 03:07

Which of the following situations will likely result in the highest price for a good?

-high demand and high supply

-low demand and high supply

-low supply and low demand

-low supply and high demand

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Answers (1)
  1. 21 July, 04:58
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    low supply and high demand

    Explanation:

    The situation that will most likely result in the highest price for a good is 'low supply and high demand. When there is a low supply of a product that is highly desired by consumers, companies will take this as an opportunity to raise said products price if they have it in stock. A good example of this is the shortage in supply of toilet paper that occurred at the start of the 2020 pandemic. Since there was such a high demand for toilet paper and a rather low supply of it, businesses began to increase their prices when they had it in stock.
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