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1.
According to the law of supply, suppliers want to sell their product at ___ prices.
low
high
consistent
2.
According to the law of demand, consumers want to purchase a product at ___ prices.
low
high
consistent
3.
Which person is credited with introducing the concept of supply and demand?
Milton Friedman
Thomas Paine
Adam Smith

Respuesta :

tutankhcarmen

Answer:

1. high

2. low

3. Adam Smith

Explanation:

Adam Smith, considered the "father" of modern economics defined the terms supply and demand to describe the dynamics between buyers, sellers, and prices.  He believed in "laissez-faire" economics, which means that businesses should be allowed to conduct trade with as little government intervention as possible.  This includes the freedom to sell their goods at whatever price they want.  A supplier will always look to obtain the greatest profit, and in order to do so they will try to sell a product at the highest price.  Consumers, on the other hand, will always want to buy a product for the lowest price.  They law of supply and demand states that the higher the price of a product, the lower the demand (or willingness of consumer to purchase said product), and vice versa.

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