Answer to Question #142988 in Microeconomics for jaden

Question

1. How do you think the pandemic has altered demand in Canada’s economy? (talk about how our wants as the consumers are reacting to the changes from the pandemic, what that means and how it affects the demand curve through shifts and movements)

2. As a result of the pandemic, the demand for certain goods has skyrocketed. To cope with such a shift, how have companies changed their ways of ‘efficient’ production. In doing so, has equity been at cost?

Answer 1

1.A movement along the demand curve will occur when the price of the good changes and the quantity demanded changes in accordance to the original demand relationship. Also, a shift in a demand or supply curve will occur when a good's quantity demanded or supplied changes even though the price remains the same

2.Restructuring on other hand gives companies the ability to concentrate on the productive areas and this ensures that the products or services which they provide are of quality and meet customer expectations which enable them to create a competitive advantage.