Question

which of the following states the law of supply and demand

Answer 1

The law of supply:

According to the stated law of supply, price and quantity demanded are directly proportional to each other, other factors being constant (cetris peribus). If the price of the good increases the supply of the good increases. If the price of good decreases the supply of the good decreases. The supplier does this in order to secure high profits.

The law of Demand:

According to the stated law of demand , price and quantity demanded are indirectly proportional to each other, other factors being constant (cetris peribus).. If the price of the good increases the demand of the good decreases. If the price of good decreases the demand of the good increases.

Answer 2

Answer:

refer to the above attachment :)