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How the economic values of products have skyrocketed

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Respond to the discussion below and answer the question at the end: We have seen during the coronavirus pandemic how the economic values of products have skyrocketed and the prices people are paying have been driven up due to shortages. This increase in prices, I believe, has changed the market value because some customers do not have a choice on what they can pay because all companies are having the same supply chain issues. For example, lumber prices have gone up causing the housing market to be in favor of the seller, but families are still offering to buy them for well over market value. Do you think people have the ability to change their perception of what they will pay for something to drive down prices overall?

Reference no: EM133030958

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