Question

what is the relationship between supply and price???

Answer 1

HEY MATE


HERE'S YOUR ANSWER......


Supply and price are both linked to the demand of a product. The higher the demand the higher the consumer(s) are willing to pay a price for a specific good and or service.

The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded.

Supply refers to how much of a product/ service the market can offer. If supply is low but demand high then the price will be high because the opportunity cost of buying the product/service has also increased with the price meaning that if people by that product/ service they will likely have to forgo buying something else. But if supply is high but demand low then the price will be low because the opportunity cost has now decreased.

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Answer 2

The quantity demanded is the amount of a product people are willing to buy at a certain price, the relationship between price and quantity demanded is known as the demand relationship .Supply represents how much the market can offer.