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In July of this year, Secretary of Energy, Rick Perry, gave an impromptu lesson on supply and demand while visiting a business in Virginia. He stated," Here's a little economics lesson: supply and demand. You put supply out there and demand will follow," in reference to the product the business sold. Was Perry correct in his statement on supply and demand? Yes or no, and why?
Be sure to answer the questions with terms and concepts learned during the semester. The question is NOT to be researched and/or quotes from outside sources ARE NOT to be used. The intention is for you to answer and support your answer based upon your learning.
You must reply to the post of two of your classmates. In your reply you must say whether you agree or disagree and why? Did your classmate explain their decision in economic terms? Your reply must be at least 3 complete sentences.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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