Which economic principle influences the cost as well as the availability of goods and services?

Question

Quizplus · Accepted Answer

The principle of supply and demand determines the cost and availability of goods and services. When the demand for a product or service is high, the price tends to go up as suppliers are able to charge more. Conversely, when the demand is low, the price tends to go down as suppliers try to attract more customers. This principle is a cornerstone of economics and influences many other economic principles and factors.

Which Economic Principle Influences the Cost as Well as the Availability