1. The High Demand and Low Supply of Diamonds
In William A. McEachern's Contemporary Economics, demand is defined as a relation showing the quantities of a good that consumers are willing and able to buy at various prices per period (Page 100). On the other hand, supply is defined as a relation showing the quantities of a good producers are wil...
- Word Count: 613
- Approx Pages: 2
- Grade Level: Undergraduate