# What differences or similarities do you see between your posting and other classmates’ postings?

esponses to Other Students: Respond to at least 2 of your fellow classmates with at least a 50–100-word reply about their Primary Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following question:

• What differences or similarities do you see between your posting and other classmates’ postings?
• ## Christian Espinoza

• The law of supply and demand affects everyone, from small businesses to large corporations; everyone sees the effects.
• The law of supply states that if the prices go up, the supply will go up. Companies/stores want to make money, so they supply more to make more money if prices are high.

The law of demand states that if prices go up, fewer customers are willing to buy it; if prices decrease, consumers want to buy more. A perfect example of this is the pandemic. Many people started bulk buying, and companies raised their prices so they could make money from this demand. Another excellent example is gas; when the pandemic was in full effect, fewer people were driving, the need for gas was minium, and the gas price went down. As things started to come back to normal and people began to move again, the demand increased, and prices began to go up again. When it comes to families, this hit hard in our pockets while we shopped for groceries. Suppliers had to slow down, making it hard to supply stores; due to the demand, prices rose, and some things made it hard to afford.

An Equilibrium price is the market price that a consumer pays for its items. Market equilibrium price and quantity are determined by reaching a point where the buyer and the seller agree on the price; when the supply and demand curve meets, it’s called the equilibrium point. At equilibrium, an exchange has been made between producers and consumeer.

• Veronica Logan

Equilibrium is where the amount of the good or service that consumers want to buy  is equal to the amount the that producers want to sell.When there is a balance between supply and demand.So producers are willing to produce strawberries and consumers are willing to pay 3 there will be a demand in strawberries that is where the balance lies.The law of supply and demand impacts our lives on a daily basis, the pandemic really made supply for the things we need very scarce because people were anxious about what was needed to get through that horrible time. Toilet paper,hand sanitizer among Lysol spray went quickly to fight the germs and bacteria that covid 19 had brought about. Fear will cause people to do crazy things , one is to buy excessively so when that happens the supply ran out quickly the demand was a top priority for the stores. Some stores could not keep supplies because of excessive buyers so some people ordered online but that demand was over the roof as well. Myself went to store after store and could not find hardly anything. So now today those items that was hurried off the selves are in supply today.

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