Answered

How do supply and demand work together to influence the price of a product?

A. Buyers create high demand for products with a large supply, which causes the products' prices to drop.
B. Sellers create large supplies of products to keep prices low, while consumers lower demand to increase prices.
C. Sellers supply a certain amount of a product based on how much demand they believe it will have at a particular price.
D. Buyers set the supply of a good by purchasing it at a specific price, which creates demand among sellers to decrease the price.



Answer :

GinnyAnswer

Final answer:

Supply and demand impact product prices through the law of supply and demand.


Explanation:

Supply and demand work together to influence the price of a product through the law of supply and demand. When demand exceeds supply, prices tend to rise, and when supply exceeds demand, prices tend to fall.

  1. Increased demand for a product leads to higher prices.
  2. More suppliers enter the market, increasing supply, which eventually drives down the price.
  3. Competition among businesses for consumers can lead to lower prices and higher quality.

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