supply and demand practice packet\ndirections: use your notes to complete the following.\n1 law of states…

supply and demand practice packet\ndirections: use your notes to complete the following.\n1 law of states that consumers will buy more of a good/service when its price is lower and less when its price is higher.\n2 law of states that producers offer more of a good/service as its price increases and less as its price falls.\n3 law of demand\n4 law of supply

supply and demand practice packet\ndirections: use your notes to complete the following.\n1 law of states that consumers will buy more of a good/service when its price is lower and less when its price is higher.\n2 law of states that producers offer more of a good/service as its price increases and less as its price falls.\n3 law of demand\n4 law of supply

Answer

Brief Explanations:

The law that consumers buy more at lower - prices and less at higher prices is the Law of Demand. The law that producers offer more as price increases and less as price falls is the Law of Supply.

Answer:

  1. Demand
  2. Supply