ECONOMICS
SUPPLY
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Question
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A new video game has just been released before the winter holiday season, when may families buy gifts. This is a video game that many children want. Many parents buy this video game system for their children. The price throughout December is $249. What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
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The price will go up for the new year then fall.
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Sellers will lower their prices when the demand for the video game slows.
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The price for the video game will remain at $249.
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The price will rise since since the games manufacturer will refuse to produce anymore.
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Explanation:
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