The statement is predicated on the laws of supply and demand. An increased demand for a commodity means that its price will increase. The fact that the number of automobile owners is increasing means the demand for oil is greater. Additionally, demand means that the supplier controls the price of the commodity. More demand leads to higher prices for the commodity.
This is the law of supply and demand.
The law of supply and demand includes two basic economic principles that describe how price changes affect the supply and demand for an asset, commodity, or product.
All else being equal, the law of demand states that demand for a specific product changes in inverse proportion to its price. In other words, as the price rises, so does the demand for the product. Cost changes for a good or service are related to the quantity supplied by the law of supply. Unlike the law of demand, the law of supply shows the relationship between two is direct rather than inverse.
Learn more on law of supply and demand-
brainly.com/question/21746893
#SPJ9
Answer:
The Leader
Explanation:
Usually, when you point to someone/something that has great worth, it is the leader.
Answer:
men live together in barracks till 30
Answer:
The main way in which the Iroquois Confederacy was like the US government was that both were made up of representatives from groups that originally considered themselves to be separate nations. The Iroquois Confederacy was made up of the Five Nations while the US government was made up of (originally) the 13 states.
Hope this helps you
