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Q1. Explain law of demand and Supply with two separate graphs.
The law of supply and demand is a theory in economics that is used to provide an
explanation of the relationship that exist between seller of a products or services and the
buyers of the same products and services. Klajić (2020) affirms that the theory explains how
the relationship of the price of a product or service affect the willingness of people to buy or
select a product. According to Klajić (2020), increase in the price reduces the willingness of
people to buy but increase willingness to supply in the market. The law of demand intimates
that at high prices, b…
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