Mar. 8th, 2021
In the study of microeconomics, the supply and demand model are the backbone principles which determine price fluctuation. When a market’s supply and demand reach equilibrium––that is, when competition reaches perfection and the cost of creating supply “perfectly” equals the demand––economic equilibrium is achieved, meaning revenue can be utilized to increase the quality of products, pump money back into the economy, or simply increase the value of the product. However, when the demand is higher, and supply is limited, economic disequilibrium occurs. This means few companies exist which can meet the demand; people’s needs begin to suffer. In the age of a 21st-century pandemic, with demand for in-person appointments, rapid COVID-1…