Answer: The law of supply states that as the price of a good rise, the quantity supplied also rise and as the price of a good go down or fall, the quantity supplied also go down or fall.
The law of demand states that that as the price of a good rise, the quantity demanded go down or fall and as the price of a good go down or fall, the quantity demanded also rise.
Explanation: The law of supply states that as the price of a good rise, the quantity supplied also rise and as the price of a good go down or fall, the quantity supplied also go down or fall. Producers tend to produce and supply more of goods and services, when the price is high in order to maximize profit and revenue.
The law of demand states that that as the price of a good rise, the quantity demanded go down or fall and as the price of a good go down or fall, the quantity demanded also rise. Consumers tend to buy more goods and services as the price go down or fall.
