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.

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Which of the following statements best describes how the law of 'Supply & Demand' sets the price...