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
How does the law of supply and demand affect a consumer?
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The correct answer is: It can affect the price and availability of goods and services.
Explanation: The law of supply and demand describes how the price of a good or service is determined by the relationship between its availability (supply) and the desire for it (demand). When demand for a product increases and supply remains constant, prices tend to go up, making the product less affordable or accessible to consumers. Conversely, if there is a surplus of a product and demand decreases, prices may drop, making the product more affordable. This interplay affects consumers directly in terms of what they pay and whether they can find the goods and services they want.