What happens to the price of a good or service when the SUPPLY is HIGH and the
2 answers:
Answer:
B. The price goes down.
Explanation:
If it was Supply is LOW and Demand is HIGH the it would be C. The price goes up
Plus, I took the test
Hope this helps :D
The correct answer is letter C.
The law of demand says that, as a rule, price and quantity required in a given market are inversely related.
In other words, the higher the price of a product, the less people are willing or can include (everything else unchanged).
When the price of a welfare, overall purchasing power decreases (income effect) and waste changes to cheaper goods (substitution effect).
Other factors may also affect demand.
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