Explain in at least one well-written paragraph how the law of supply and demand controls prices. Your response will include a description of demand, supply, and the relationship between the two. Your response/explanation should use a product or commodity as an example.

Question

Social Studies

Isiah

31 January, 09:44

Explain in at least one well-written paragraph how the law of supply and demand controls prices. Your response will include a description of demand, supply, and the relationship between the two. Your response/explanation should use a product or commodity as an example.

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Answers (2)

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Isabella Hinton · Answer 1

Don't know how to explain but the higher the population demand the higher the price the lower the demand the lower the price example if 60% of the u. s population want Nike this is demand

Justice Travis · Answer 2

Think the best explanation to this that the trends in the law of supply and demand could affect the value of prices. If the demand is high but the supply is controlled or few the possibility is that the price will increased drastically due to the demand. If the demand will low and the production is high the prices where eventually low also.