Question

What is the law of supply and demand?

Answer 1

The law of supply and demand is the relation between the supply of a product, the demand of this, the price of a good or service and the changes that must be the people and the industries when the price of that product changes.

Step-by-step explanation:

The industries are disposed to build many products when their prices are high and the people are more disposed to buy a product when its price is low, this generates a curve that regularly to do allusion to the Market Balance.

Answer 2

Answer: The law of supply states that as the price of a good rise, the quantity supplied also rise and as the price of a good go down or fall, the quantity supplied also go down or fall.

The law of demand states that that as the price of a good rise, the quantity demanded go down or fall and as the price of a good go down or fall, the quantity demanded also rise.

Explanation: The law of supply states that as the price of a good rise, the quantity supplied also rise and as the price of a good go down or fall, the quantity supplied also go down or fall. Producers tend to produce and supply more of goods and services, when the price is high in order to maximize profit and revenue.

The law of demand states that that as the price of a good rise, the quantity demanded go down or fall and as the price of a good go down or fall, the quantity demanded also rise. Consumers tend to buy more goods and services as the price go down or fall.