Which statement best compares the laws of supply and demand?

The two economic laws exist in theory. They have no relation to economics in the real world.

The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.

The two economic laws work in practice. They apply to real-world economics eighty percent of the time.

The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time.

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Stein

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10 August, 16:03

Which statement best compares the laws of supply and demand?

The two economic laws exist in theory. They have no relation to economics in the real world.

The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.

The two economic laws work in practice. They apply to real-world economics eighty percent of the time.

The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time.

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Kennedy Mahoney · Answer 1

The two economic laws exist in theory. They work in practice, but real-world factors can have an effect.

The economic law states that supply and demand pull back and forth until a price is set matching the market. However, other factors in the real-world can impact supply and demand like natural disasters, economic recessions, or a change in the government.