Demand and supply in the given situations
(a) Use of costly wood in making handmade acoustic guitar.
(b) Foreign producer reengineers the guitar-making process.
(c) Music featuring handmade acoustic guitars makes a comeback.
(d) The country faces recession and the average income falls sharply.
Concept Introduction
Demand: The demand of a product or service in the market is derived by the willingness to purchase and ability of the consumers to pay for the purchase.
Supply: The supply of a product or service means making available a specific product or service to the consumers at a specific
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