03.26.24

Multiple Choice

Last summer, a popular toy store announced that it had an exclusive new video game console in stock. This console was highly anticipated and only a limited number were made available worldwide. Due to its high demand and low supply, the price of the console was set higher than most other gaming systems.

Which of the following best describes the relationship between supply and demand for this new video game console?

• The supply was high and the demand was low, which is why the price was high.

• The demand was high and the supply was low, which is why the price was high.

• The supply and demand were both high, which is why the price was low.

• The supply and demand were both low, which led to a high price.

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