Dr.Henry_Killinger said:
This is an evaluation of the PS4 during the year 2013. Its called Selektive memory, because its making fun of the fact that people tend to only remember the positive of their console of choice. |
Quanity = Quanity Supplied. In otherwords, the ability of Sony to supply retailers consoles is Quanity. Supply is the willingness of either the manufacturer or the retailer to supply an item at a paricular price. Likewise, Demand in the above curve is the willingness of buyers to buy an item at a particular price level.
The Equilibrium point is where buyers will buy at the price level, and manufacturers are willing to sell at that price level.
If there is a shortage in Quanitity supplied, then the Supply curve moves inward, and the Equilibrium price increases. If there overage in Quanity supplied, then the Supply curve moves outward, and the Equilibrium price decreases.
If there was a true shortage, the price for the PS4 would increase because demand would outstrip supply, retailers would see an opportunity and increase the price.
You're absolutely right, Economics does explain this. However, I'm not sure it's saying what you think it is.
Then again, maybe you're right. I just passed my Macro Economics class with a 4.0 as the top student in my class. My professer repeatedly letting me know that "If your classmates ever knew how many points you accumulated, they'd kick you in the shins.", but I could be wrong. You never know. I mean, my text book was written by the former Chairmen of the Federal Reserve, and not Wikipedia. So...you have that going for you.








