Social Studies, 21.05.2021 21:50, saggirl1209
Which of the following statements best describes how the law of 'Supply & Demand' sets the price of a product?
Monopolies control all aspects of an industry & set the price according to what made them the most profit.
Henry Ford introduced the 'assembly line' which made the production of automobiles faster & cheaper therefore the price of automobiles dropped.
When oil was discovered in east Texas, the price of the nearby land skyrocketed due to its limited availability & the increased want to drill for oil to hopefully strike it rich.
Supply & Demand has no affect on setting the price of products that are bought & sold.
Answers: 3
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Which of the following statements best describes how the law of 'Supply & Demand' sets the price...
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