The law of supply and the law of demand both rely on the concept of opportunity cost.
Consumers would never pay more for a product than the cost value of the alternative uses of their money.Sellers will not be willing and able to sell a product for less than the value of their best forgone alternative.Both the law of supply and the law of demand rely on the concept of opportunity costs.

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Both the law of supply and the law of demand are based on the concept of opportunity cost. Consumers consider the opportunity cost of purchasing a product, which is the value of the best alternative they could have chosen instead. Similarly, sellers consider the opportunity cost of producing a product, which is the value of the next best alternative they could have produced instead. Therefore, both the law of supply and demand are closely tied to the concept of opportunity cost.

The Law of Supply and the Law of Demand Both