Managerial Economics

Why is it important for managers to understand the mechanics of supply and demand both in the short run and the long run? Give examples of companies whose business was either helped or hurt by changes in supply or demand in the market in which they are competing.

Must be 150 words apa format.

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Managerial Economics
In any organization that provides various goods and services to the market, all managers must understand the various dynamics that come into play in regards to supply and demand. Such knowledge should be both for the short-term and the long-term.

(179 words)