Why is the law of supply and demand so powerful

Asked by admin @ 29/10/2021 in Social Studies viewed by 287 People

Supply and demand are powerful forces in a free market. In four to five sentences, explain some of the factors that cause shifts in supply and demand and what the effects of these shifts are.

Answered by admin @ 29/10/2021

Answer and Explanation.

Demand is the quantity of products and services as desired by the buyers who are the consumers.This is the amount of the products which people are capable and willing to buy at a certain affordable price while supply is the representation of what or how much a market can offer.

When the amount of goods and services which are available in the market increases or decreases, the shift in the supply occurs. Shift in supply is caused or happens whenever the prices change, normally when there is similar production of goods and services by the competitors or when there is change in availability of resources or labor.

A typical glass of wine contains about 21 grams of alcohol. consider a 101-pound woman, with approximately 6 liters (6000 milliliters) of blood, who drinks two glasses of wine. complete parts (a) and (b) below. a. if all the alcohol were immediately absorbed into her bloodstream, what would her blood alcohol content be?

Asked by maham237 @ 10/01/2021 in Social Studies viewed by 1010 persons

Why is the law of supply and demand so powerful

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