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Changes in demand-side (technological advance) and supply-side (educational advancement) effects may impact the degree of inequality...

Changes in demand-side (technological advance) and supply-side (educational advancement) effects may impact the degree of inequality of a country. (a) With respect to the supply and demand curves, when will inequality increase? (b) With respect to the supply and demand curves, when will inequality decrease?

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Answer #1


a)

Inequality will increase when demand will exceed supply. This will lead to a situation of shortage in the economy, leading to inequality. Not all are able to get what they wish to buy or demand.

b)

Inequality will decrease when supply will exceed demand. This will lead to a situation of surplus in the economy, leading to increased equality. Everyone gets what they demand.

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