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Home/Business & Economics/Which statement best compares the laws of supply and demand? a) The two economic laws exist in theory. They have no relation to economics in the real world. b) The two economic laws exist in theory. They work in practice, but real-world factors can have an effect. c) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. d) The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time.

Which statement best compares the laws of supply and demand? a) The two economic laws exist in theory. They have no relation to economics in the real world. b) The two economic laws exist in theory. They work in practice, but real-world factors can have an effect. c) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. d) The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time.

B. The two economic laws exist in theory. They work in practice, but real world factors can have an effect.

Explanation:

The law of supply and demand is used to explain interactions between the buyers and the sellers from the perspectives of some resource. This law is illustrated in the graph below. It states that, for example, if the price of goods increased, the quality of demand would drop.

However, real factors can affect this law and make it obsolete. For instance, if a hurricane occurred in some area and destroyed the majority of stores that sold food, the demand would remain high even if the remaining stores raised prices for food significantly.

Law of supply and demand graph.
Law of supply and demand (Source: quickonomics.com)
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Academic.Tips. (2022) 'Which statement best compares the laws of supply and demand? a) The two economic laws exist in theory. They have no relation to economics in the real world. b) The two economic laws exist in theory. They work in practice, but real-world factors can have an effect. c) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. d) The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time'. 30 January.

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Academic.Tips. (2022, January 30). Which statement best compares the laws of supply and demand? a) The two economic laws exist in theory. They have no relation to economics in the real world. b) The two economic laws exist in theory. They work in practice, but real-world factors can have an effect. c) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. d) The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time. https://academic.tips/question/the-laws-of-supply-and-demand/

References

Academic.Tips. 2022. "Which statement best compares the laws of supply and demand? a) The two economic laws exist in theory. They have no relation to economics in the real world. b) The two economic laws exist in theory. They work in practice, but real-world factors can have an effect. c) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. d) The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time." January 30, 2022. https://academic.tips/question/the-laws-of-supply-and-demand/.

1. Academic.Tips. "Which statement best compares the laws of supply and demand? a) The two economic laws exist in theory. They have no relation to economics in the real world. b) The two economic laws exist in theory. They work in practice, but real-world factors can have an effect. c) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. d) The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time." January 30, 2022. https://academic.tips/question/the-laws-of-supply-and-demand/.


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Academic.Tips. "Which statement best compares the laws of supply and demand? a) The two economic laws exist in theory. They have no relation to economics in the real world. b) The two economic laws exist in theory. They work in practice, but real-world factors can have an effect. c) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. d) The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time." January 30, 2022. https://academic.tips/question/the-laws-of-supply-and-demand/.

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"Which statement best compares the laws of supply and demand? a) The two economic laws exist in theory. They have no relation to economics in the real world. b) The two economic laws exist in theory. They work in practice, but real-world factors can have an effect. c) The two economic laws work in practice. They apply to real-world economics eighty percent of the time. d) The two economic laws work in practice. They prove to be true in the real world one hundred percent of the time." Academic.Tips, 30 Jan. 2022, academic.tips/question/the-laws-of-supply-and-demand/.

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1. According to the law of supply, price and quantity move a) along a track in the same direction. b) along a track in opposite directions. c) from different points toward one another. d) from the same point away from one another. 2. According to the law of demand, price and quantity move A) along a track in the same direction. B) along a track in opposite directions. C) from different points toward one another. D) from the same point away from one another.
Based on the lesson, how are individuals and economies similar?
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