Question

Nike hires more employees and is able to produce more product. After a year or so, the demand for that gear has dropped but the supply is the same. What is going to happen to the price of that gear according to the Law of Supply and Demand?

A) Price is going to go up
B) Price is going to go down
C) Price is going to stay the same

Answer 1

putting the law of demand and supply into consideration, price is going to go down