Based on the theories on demand and supply, if the consumers demand a product more than the producers can supply, then there is a shortage of goods or services. Because of scarcity or limited resources available, there is also a limit on what the producers can supply in the market. However, research by Masudul Alam Choudhury explained that scarcity, especially food scarcity, is not because of the low available supply of raw materials. Based on the results of his research, scarcity is artificially generated by ethics and culture. The problem is the preferences of the consumers which is influenced by the culture and beliefs of a society. Do you agree or disagree with the research of Masudul Alam Choudhury? Why or why not?

You receive a memo from the vice president of procurement responding to your query. he writes: “it will be very important to maintain product continuity. we have a large base of devoted customers. we want to make sure that the quality and key characteristics of island knight stay the same through this transition. talk to frank, our consulting professional perfumer, for more information about the cologne. seasonal variations in costs are the single most significant factor in our deciding to go with another supplier, so finding a way to limit that should be the top priority. the overall marginal costs and shipping costs are probably somewhat less significant. you may want to talk to cindy, the product manager for island knight, regarding pricing information about the product.” what is the best action to take next?