Question

what is the law of supply and demand?

Answer 1

law of demand will be saying that there is an inverse relationship between price charge and demand for the products so,at a lower price, the demand will be very high, and at a higher price, the demand will be very low.

Law of supply will be advocating that at a higher price the sellers will be selling more of the economic goods and the law of supply and demand will be meeting each other in order to arrive at an equilibrium in the economy through demand and supply of buyers and sellers.

in other words, it can also be said that the law of demand and law of supply will be interacting with each other in order to arrive at an equilibrium in economy and it will be determining the market prices.