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For most business firms that sells a particular good on the market, a decision has to...

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Economics

For most business firms that sells a particular good on themarket, a decision has to be made from time-to-time to either raisethe price of the good, lower the price of the good, or keep theprice of the good unchanged. Today, considering what the U.S. isgoing through (pandemic), what do you anticipate prices to do nowand over the next six months for the following items? 1. Gasoline2.Tomatoes 3. Housing When would you recommend raising the price ofthe good? Explain why. When would you recommend lowering the priceof the good? Explain why. When would you recommend keeping theprice of the good unchanged? Explain why

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3.6 Ratings (685 Votes)
1 Gasoline The price of gasoline will drop now owing to the lockdown and social distancing people will use less vehicles which means that the demand for gasoline will fall below its supply However in the next six months if the lockdown is relaxed there will be more vehicles and the demand of gasoline might gradually increase I would    See Answer
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