Question

the higher the price, the fewer goods or services consumers will demand. conversely, the lower the price, the more goods or services they will demand.

Answer 1

Customers will seek less goods or services as prices rise. On the other hand, people would demand more goods or services if the price is lower.

What does supply and demand law entail?

The link between producers and consumers of a good or service is a fundamental idea in economics. For instance, when the price is high, sellers are motivated to produce more, and vice versa as the price drops.

What makes the law of supply and demand crucial?

The link between supply and demand is crucial because it helps to establish the costs and availability of the majority of goods and services in a given market. The interplay between supply and demand eventually balances out in accordance with the tenets of a market economy.

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