When a string of hurricanes hit Florida,
preparation for and cleanup from the storms increased demand for plywood. Yet prices rose only
slightly, partly because large chains shipped plywood
from stores around the country in anticipation of the
increased demand. How does this story illustrate the
law of supply and elasticity of supply?

Question

28-02-2022
Business

contestada

When a string of hurricanes hit Florida,
preparation for and cleanup from the storms increased demand for plywood. Yet prices rose only
slightly, partly because large chains shipped plywood
from stores around the country in anticipation of the
increased demand. How does this story illustrate the
law of supply and elasticity of supply?

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Parrain Parrain · Answer 1 · 2022-03-04T10:43:46+01:00

The story about the hurricanes and the demand and supply for plywood illustrate the law of supply and demand by showing that if supply and demand remain stable, prices will not change.

How are the law of supply and demand illustrated?

Both the laws of supply and demand explain that if supply changes by a higher margin than demand, prices will decrease. If the demand on the other hand, is more than supply, prices will increase.

In the above scenario, the supply of plywood changed by about the same rate as the demand. None of them change by more than the other, so prices remained stable.

Find out more on the law of supply and demand at https://brainly.com/question/1222851.