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By Staff Reporters
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Artificial Scarcity refers to the intentional limitation of the availability of a product or resource to create a sense of rarity, which often drives up its perceived value and price.
Think: surge pricing
And, circumstances with insufficient competition can lead to suppliers exercising enough market power to constrict supply. The clearest example is a monopoly, where a single producer has complete control over supply and can extract a additional price.
By creating a temporary shortage, sellers or producers can increase demand and capitalize on consumers’ fear of missing out, thereby influencing market dynamics to their advantage. This strategy is frequently used in marketing, particularly for limited-edition items or high-demand products.
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Filed under: "Ask-an-Advisor", Ethics, Experts Invited, iMBA, iMBA, Inc., LifeStyle, mental health, Research & Development | Tagged: artificial scarcity, buyers, iMBA, market power, mionopoly, sellars, Supply and Demand, surge pricing | Leave a comment »
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