A U.S. merchant sent a cargo of ice fishing huts to Puerto Rico.This is an example of a failure to determine basic demand.
What is mean by demand?
- Demand in economics refers to the quantity of a good that consumers are willing and able to buy at different prices at a particular time.
- The term "demand curve" refers to the correlation between price and quantity demand.
- A change in demand refers to a shift in consumer preference to buy a specific good or service, regardless of a change in the price.
- A change in consumer preferences, a change in the price being charged for a comparable product, or a change in income levels could all be the cause of the change.
- The law of demand argues that when a good's price drops, so does the amount that is requested of it.
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