Which of the following metals is NOT extracted by electrolysis?
Which of the following metals is NOT extracted by electrolysis?
Explanation
Law of demand: as price rises, quantity demanded falls (and vice versa), other things being equal. Demand curve slopes downward. People buy less at higher prices.
Law of supply: as price rises, quantity supplied rises. Supply curve slopes upward. Producers supply more at higher prices because its more profitable.
Market equilibrium occurs where demand and supply curves intersect. At this price, quantity demanded equals quantity supplied. Prices above equilibrium create surplus; below create shortage.