November 28, 2015

Homework Help: Economics

Posted by Amanda on Tuesday, June 4, 2013 at 12:24pm.

Explain the difference in prices for each of the following pairs of goods in terms of the laws of supply and demand: (a) natural diamonds and zircons (human-made diamonds), (b) a loaf of bread baked today compared with day-old bread, (c) roses in January and roses in June.

That's my answer and I tried but I know it's not right I just don't get it..

A. So with the law of demand people would mostly go for zircons they will be a lot cheaper and the law of supply the diamonds will cost more.

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