Created from Youtube video: https://www.youtube.com/watch?v=GqeRnxSuLFIvideoConcepts covered:Banana sellers, Supply and demand imbalance, Peter's profits, Increased supply, Market balance
In a scenario with no banana sellers but high demand, Peter starts selling bananas and initially makes huge profits. However, as more sellers enter the market, the supply increases, leading to a balance between supply and demand over time.
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Supply and Demand Explained in One Minute
Concepts covered:Banana sellers, Supply and demand imbalance, Peter's profits, Increased supply, Market balance
In a scenario with no banana sellers but high demand, Peter starts selling bananas and initially makes huge profits. However, as more sellers enter the market, the supply increases, leading to a balance between supply and demand over time.
Question 1
What happens when too many sellers enter a market?
Question 2
What might cause a new seller to enter a market?
Question 3
What tends to happen when market supply and demand balance?
Question 4
What effect does a new competitor have on an existing market?
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