Answered

Which of the following describes the law of supply and demand?

A. The necessity of a product and its ease of use increase its value.
B. The unavailability of a product always raises the demand.
C. The price of a product is dependent on availability and the desire to buy it.
D. The satisfaction with a product increases or decreases the cost.



Answer :

GinnyAnswer

Final answer:

The law of supply and demand states that price and quantity are inversely related, impacting market equilibrium.


Explanation:

Law of Supply and Demand

The law of supply and demand states that quantity and price are negatively related. If the price of a product increases, the quantity demanded will decrease and vice versa. This relationship is crucial in determining the equilibrium price in a market.

Example:

If the price of a popular video game console rises, fewer units will be demanded because of the higher cost.


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