Before the pandemic started, each facemask only costs below 10 pesos. As the pandemic started, facemask has become the world's most purchased item, signifying the extravagant demand for it. In our country, local suppliers of facemask struggled to meet the demands. Hence, a purchase of facemask outside the country is needed. During pandemic, the average price of each facemask is around 30 pesos. In economics, whenever the demand is high and the supply is scarce, price will surely increase. This happens because bulk demand requires bulk materials and additional workers which also requires huge amount of capital. Hence the price will increase. However, for almost two years of pandemic, each facemask now only costs 5 pesos. Meaning, the supply of facemask can meet the demands.
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DESCRIBE HOW THE PRICES OF FACEMASKS HAVE CHANGED
Before the pandemic started, each facemask only costs below 10 pesos. As the pandemic started, facemask has become the world's most purchased item, signifying the extravagant demand for it. In our country, local suppliers of facemask struggled to meet the demands. Hence, a purchase of facemask outside the country is needed. During pandemic, the average price of each facemask is around 30 pesos. In economics, whenever the demand is high and the supply is scarce, price will surely increase. This happens because bulk demand requires bulk materials and additional workers which also requires huge amount of capital. Hence the price will increase. However, for almost two years of pandemic, each facemask now only costs 5 pesos. Meaning, the supply of facemask can meet the demands.
What will be the price of your facemask products?: brainly.ph/question/21008295
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