Think about what makes one shoe/product more popular than another. How does supply and demand impact the price of an item? Write an essay which explains what happens when a new shoe enters the marketplace. Using supply and demand analysis and correct
economic terminology, explain how the price of the shoe is impacted if it is popular or unpopular.
Be sure to:
clearly state your thesis
- organize and develop your ideas effectively with analysis and drawing conclusions
-- use economic analysis to identify price impacts
- use specific details and examples
-- choose your words carefully; use social studies terminology
edit your writing for grammar, mechanics, and spelling

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.