The basic principles that regulate the economic market and influence the price of goods are known as laws of ______.

Question

Quizplus · Accepted Answer

The laws of supply and demand determine the price of goods in an economic market. As demand for a product increases, the price also increases, and as supply increases, the price decreases. These principles are the foundation of the market economy. Antitrust policy, production and consumption, monetary policy, and fiscal policy are all important factors in the economy, but they are not the basic principles that regulate the market and price of goods.

The Basic Principles That Regulate the Economic Market and Influence