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This scenario displays the law of demand

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Law of Supply and Demand at Sunrise Surf Shop

Sunrise Surf Shop is willing to produce 35 surfboards in a month if it can sell each board for $400. If it can receive $700 for each board, the shop is willing to produce 75 surfboards. This is an example of the law of supply. Do you agree or disagree?

John is willing to purchase 3 computers when each computer costs $600. If the price is $250 for each computer, John is willing to purchase 7 computers. This scenario displays the law of demand. Do you agree or disagree?

 

Reference no: EM1336712

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