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Function of demand and supply

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Economic theory generally holds that in competitive markets price is a function of demand and supply. Describe and give an example of the effect of a shortage of supply as opposed to a shortfall in demand. What would you doas a business manager meeting a mismatch between your supply and customers demand? a business manager meeting a mismatch between your supply and customers demand?

"This question is for a verbal MBA comprehensive exam, kindly provide a well detailed answer."

Reference no: EM131612601

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