How does the law of supply and demand affect a consumer?
It can affect the production costs when consumers make things
It has no affect on the consumer since they are not demanding things
It can affect the price and availability of goods and services
It has no affect on the consumer since they are only supplying things
The correct answer is: It can affect the price and availability of goods and services.
Explanation: The law of supply and demand influences how much of a product is available in the market and how much consumers are willing to pay for it. When demand for a good increases and supply remains the same, prices tend to rise. Conversely, if there’s a surplus of a product (too much supply and not enough demand), prices may fall. Therefore, consumers are directly impacted by the pricing and availability of goods and services based on these market dynamics.