The association between the amount of a product that producers want to sell at different prices and the amount that customers want to buy is known as supply and demand in the discipline of economics.
What is the law of demand?
Following the rule of demand, a basic principle of economics, buyers will demand fewer units of a good at a premium cost. Consumer demand improves when prices fall, then decreases when prices increase.
The ability of the marketplace to provide a product or offering is referred to as supply, but the market's need to purchase the goods or services is referred to as demand.
From all of the alternatives available, the idea of opportunity cost supports us in picking the most suitable one. Customers search out less costly alternatives in response to higher opportunity costs to buy a specific commodity or service, which lowers the quantity desired.
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