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.
Work Cited
Smith, Leroy. "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." Custom-Writing, 1 Apr. 2020, custom-writing.org/qna/the-laws-of-supply-and-demand/.
1. Leroy Smith. "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." Custom-Writing (blog), April 1, 2020. https://custom-writing.org/qna/the-laws-of-supply-and-demand/.
Bibliography
Smith, Leroy. "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." Custom-Writing (blog), April 1, 2020. https://custom-writing.org/qna/the-laws-of-supply-and-demand/.
References
Smith, Leroy. 2020. "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." Custom-Writing (blog), April 1, 2020. https://custom-writing.org/qna/the-laws-of-supply-and-demand/.
Reference
Smith, L. (2020, April 1). 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 [Blog post]. Retrieved from https://custom-writing.org/qna/the-laws-of-supply-and-demand/
References
Smith, L. (2020) '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'. Custom-Writing, 1 April.