Question

Suppose there are 100 students who want to buy sneakers. The store, however, only has 50 pairs. Should the store owner raise or lower the price of the sneakers?

Answer 1

Step-by-step explanation:

Because of the high demand and the low quantity, the store should raise the price as this will allow them to have a greater profit. This would make it almost competitive for those who want the sneakers. They will be the ones who are desperate to obtain them and will do anything to get them. This can allow a lot of popularity and business for the store.