As the result of a hurricane heading toward the coastal area of Nova Scotia, residents rushed to purchase plywood to cover their windows. Retailers who carried plywood were operating in a ______.
A) mixed economy
B) seller's market
C) buyer's market
D) regulated market

Question

Quizplus · Accepted Answer

A seller's market occurs when there is a high demand for a product or service and a limited supply, giving sellers the advantage and allowing them to increase prices. In this scenario, retailers who carried plywood were likely experiencing a seller's market due to the high demand for plywood as residents rushed to prepare for the hurricane.

As the Result of a Hurricane Heading Toward the Coastal