which of the following states the law of supply and demand?
A. all things being equal, the higher the price of a good or service, the lower the demand will be for that good or service
B. all things being equal, the lower the price of a good or service, the lower the demand will be for that good or service
C. all things being equal, a provider will be willing to supply more goods or services for a lower price if a lower quantity is sold.
D. all things being equal, a provider will be willing to supply fewer goods or services for a lower price if a lower quantity is sold.
The correct answer is:
D. all things being equal, a provider will be willing to supply fewer goods or services for a lower price if a lower quantity is sold.
This statement is known as the law of supply and demand, which states that the price of a good or service is determined by the supply of and demand for that good or service in the market. When the demand for a good or service is high, the providers will be willing to supply more of that good or service at a higher price. Conversely, when the demand for a good or service is low, the providers will be willing to supply less of that good or service at a lower price.