The law of supply and demand relates to

a. the relative price of goods and services.

b. the rate of unemployment.

c. the income tax structure.

d. the presence of a monopoly.

Question

Business

Pablo Fowler

4 October, 12:58

The law of supply and demand relates to

a. the relative price of goods and services.

b. the rate of unemployment.

c. the income tax structure.

d. the presence of a monopoly.

+1

Answers (1)

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Jamie · Answer 1

A. The relative price of goods and services. The law of demand and supply explains the interaction between the supply and demand of a resource. The law of demand states that if all things are equal, the higher the price the lesser (quantity) the demand for the goods/services. While the law of supply states that if all things are equal, the higher the price, the higher the (quantity) supply of goods/services.

The law of supply and demand relates toa. the relative price of goods and services.b. the rate of unemployment.c. the income tax structure.d. the presence of a monopoly.

The law of supply and demand relates to

a. the relative price of goods and services.

b. the rate of unemployment.

c. the income tax structure.

d. the presence of a monopoly.