To make a really long story really short, people feel an emotional need to be consistent with what they publicly commit to. Especially what they write about.
Do you know about the human need for consistency? I'm not going to explain it in detail here, I'm going to assume you already know the basics. If you don't, you probably should drop whatever you're doing for the next few hours and go read up on some articles about it because it has a massive impact on the entire world.
Here's a very brief overview:
In negotiation, consistency, or the consistency principle, refers to a negotiator's strong psychological need to be consistent with prior acts and statements.
Now we move on to the Supply Curve. This is a very basic introduction to the idea of supply and what influences producers to increase or decrease their production. In the video I introduce a simple acronym "Pepper" that summarises these effects. This video and the previous one lay the important foundation for the rest of our analysis in microeconomics so do get a good understanding of them.
I hope you all will find this video helpful and till next time, dream economics.