what is law of demand and supply?

what is law of demand and supply?

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Answers (3)

agbojays
6 months ago
The law of supply and demand is a theory
that explains the interaction between the
supply of a resource and the demand for that
resource. ... Generally, low supply and high
demand increase price. In contrast, the greater
the supply and the lower the demand, the
price tends to fall.
Chinny
6 months ago
Law of Supply is an economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa
IN OTHER WORDS.

The law that states that as price goes up, the quantity supplied goes up (and vice versa); direct relationship.

Law of Demand:
An economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa
IN OTHER WORDS.

The law that states that as price goes up, the quantity demanded goes down (and vice versa); inverse relationship.
isaaq
6 months ago
The law of supply and demand is a theory that explains the interaction between the supply of a resource and the demand for that resource. ... Generally, low supply and high demand increase price. In contrast, the greater the supply and the lower the demand, the price tends to fall.
or The law of demand states that all other things being equal, the quantity bought of a good or service is a function of price. ... If the amount bought changes a lot when the price does, then it's called elastic demand. An example of this is ice cream. You can easily get a different dessert if the price rises too high.
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