Asked by Hot dog hot dog hot diggity dog

The ________ describes the relationship between prices and demand. According to this law, higher prices encourage buyers to look for a substitute. A substitute is a roughly equivalent good or service. Finding substitutes drops demand for the original good or service, thus lowering prices over time. The ________ tells the relationship between price and quantity supplied A rise in prices

encourages producers to supply more of a good or service in the hopes of making more money.

# law of supply

#law of demand

:: relative price

#substitute

#demand curve
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Answered by GPT-4o mini
The **law of demand** describes the relationship between prices and demand. According to this law, higher prices encourage buyers to look for a substitute. A substitute is a roughly equivalent good or service. Finding substitutes drops demand for the original good or service, thus lowering prices over time. The **law of supply** tells the relationship between price and quantity supplied. A rise in prices encourages producers to supply more of a good or service in the hopes of making more money.