Question

Help on Economic class -

Answer 1

Explanation:

In the question above, the white line that downslope indicates the demand

Since we are given the quantity as 24 while the price is $5

The downslope of the white line says that the quantity of goods demanded is high and the price of that commodity will decrease and vice versa ( That's the law of demand)

The black slope is upward indicating the supply

where the price is $5 and the quantity supplied is 24

Therefore the upward slope indicates that the higher the price, the higher the quantity of goods that are being supplied, and vice versa ( That's the law of supply )