Answer :
Final answer:
Supply and demand impact product prices through the law of supply and demand.
Explanation:
Supply and demand work together to influence the price of a product through the law of supply and demand. When demand exceeds supply, prices tend to rise, and when supply exceeds demand, prices tend to fall.
- Increased demand for a product leads to higher prices.
- More suppliers enter the market, increasing supply, which eventually drives down the price.
- Competition among businesses for consumers can lead to lower prices and higher quality.
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