Question

Law of demand and supply ? plz explain it nicely

Answer 1

LAW OF DEMAND TELLS THAT WHENEVER THERE IS AN INCREASE IN PRICE THE DEMAND OF GOODS WILL BE INCREASES OR WHEN THERE IS DECREASE IN PRICES OF GOODS THE DEMAND WILL BE INCREASES... LIKE

D............. P

1------------5
2-----------4
3------------3
4------------2
5------------1

OR SAME

LAW OF SUPPLY TELLS THAT THERE IS A POSITIVE RELATIONSHIP BETWEEN PRICE AND SUPPLY OF GOODS... IT MEANS WHEN INCREASES IN PRICES, THE SUPPLY OF GOODS ALSO INCREASES OR WHEN THERE IS DECREASE IN PRICES..., THE SUPPLY OF GOODS ALSO DECREASES.....

S.............P

1...............10
2..............20
3..............30
4..............40
5..............50

Answer 2

the product which is less in market and people will willing to pay that is demand.
the product that have in large amount in market and people do not buy that something
example of demand-clasmet pen adds on the tv shows
example of supply-a 2₹pen kept in market and people do not buy this pen