demand increased and supply decreased when price of insulin injection kits rose from $72 to $98 but the equilibrium quantity remained the same.
What is demand and supply explain?
The term supply refers to what proportion of a certain product, item, commodity, or service suppliers are willing to form available at a particular price. Demand refers to what proportion of that product, item, commodity, or service consumers are willing and ready to purchase at a particular price.
Why is supply and demand important?
Supply and demand have a crucial relationship because together they determine the prices and quantities of most goods and services available in a given market. consistent with the principles of a market economy, the connection between supply and demand balances out at a point in the future.
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