The forces of Demand and Supply

Over the stay-at-home order period, you joined Brian and his mother on a trip to the store to buy some needed household items. On your way, Brian noticed that the price of gasoline has decreased by about 70 cents from two weeks prior. He complains to his mother; “these people think we are fools, imagine decreasing the price of gasoline when no one really needs it, I bet you once the stay-at-home order is lifted the prices will jump up again, – who do these people think they are fooling”?

Now, use the concepts you have studied so far in this course, especially as it relates to the forces of Demand and Supply, to explain to Brian how, and which demand or supply factors could be the reason for the price decrease and not “these people”?

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