Question

question 10 of 10 martin has a clothing store and he has managed to get the only pair of sneakers that everyone wants to buy. how is he most likely going to price these shoes? he will keep the price the same as his other shoes to be fair he will lower the price since demand is very low and there is a surplus he will raise the price since demand is high and supply is scarce he will raise the price since demand is very low and supply is scarce

Explanation:

In economics (a subfield of Business), the law of supply and demand states that when demand is high (everyone wants the sneakers) and supply is scarce (only one pair), sellers often raise prices to maximize profit or balance supply - demand. The first option ignores the high demand for this unique item. The second option is wrong as demand is high (not low) and there's no surplus (only one pair). The fourth option has incorrect demand description (demand is high, not low).

Answer:

C. He will raise the price since demand is high and supply is scarce