1.

According to the law of supply, suppliers want to sell their product at _ prices.

low

high

consistent

2.

According to the law of demand, consumers want to purchase a product at _ prices.

low

high

consistent

3.

Which person is credited with introducing the concept of supply and demand?

Milton Friedman

Thomas Paine

Adam Smith

Question

Valerie Edwards

Social Studies

5 March, 22:13

1.

According to the law of supply, suppliers want to sell their product at _ prices.

low

high

consistent

2.

According to the law of demand, consumers want to purchase a product at _ prices.

low

high

consistent

3.

Which person is credited with introducing the concept of supply and demand?

Milton Friedman

Thomas Paine

Adam Smith

+1

Answers (1)

Know the Answer?

Dots · Answer 1

1. high

2. low

3. Adam Smith

Explanation:

Adam Smith, considered the "father" of modern economics defined the terms supply and demand to describe the dynamics between buyers, sellers, and prices. He believed in "laissez-faire" economics, which means that businesses should be allowed to conduct trade with as little government intervention as possible. This includes the freedom to sell their goods at whatever price they want. A supplier will always look to obtain the greatest profit, and in order to do so they will try to sell a product at the highest price. Consumers, on the other hand, will always want to buy a product for the lowest price. They law of supply and demand states that the higher the price of a product, the lower the demand (or willingness of consumer to purchase said product), and vice versa.