Allow imports to address domestic shortage
BusinessWorld May 9, 2021 | 6:31 pm VECTORJUICE/FREEPIK The logic is simple. All other things being equal, the price increases as supply of the particular good decreases. Alternatively, all things being equal, the price decreases as supply increases. Similarly, all else being equal, the price of the good increases as demand increases. And the price decreases as demand goes down. That is the law of supply and demand. An old joke goes that a national leader once wanted to repeal the law of supply and demand. The joke exposes ignorance of how markets behave. Yet, our senators do ...
Source: bworldonline.com