Suppose a good or service is highly desired, but the quantity supplied is limited. How does the competition among consumers affect profits for the selling firms?

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16-03-2015
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Suppose a good or service is highly desired, but the quantity supplied is limited. How does the competition among consumers affect profits for the selling firms?

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HistoryGuy HistoryGuy · Answer 1 · 2015-03-16T14:18:12-04:00

HistoryGuy HistoryGuy

16-03-2015

If a good or service is highly desired, but the quantity supplied is limited, the sellers usually experience higher profits, because consumers "bid up" the price of the scare good in the market.

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