1. How did the economic law of supply and demand increase the wealth of business owners during the Industrial Revolution? a: As mass production lowered the prices of goods, many more consumers bought them, which increased demand.
b: Consumers demanded lower prices as they came to rely or more types of supplies.
c: Mass production led to greater supplies, which meant that more natural resources were needed to meet the demand.
d: Business owners were able to increase profits by lowering their workers' wages but still charging the same price for goods.

a. As mass production lowered the prices of goods, many more consumers bought them, which increased demand.

Explanation:

As supplies increased due to mass production during the Industrial Revolution, business owners were apply to charge less for each item, which caused more people to buy the items. That increased demand for the item, which allowed manufacturers to raise its price again, resulting in higher profit (since workers' wages remained the same).

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the authority to tax.

answer: capitalism and socialism are formal economies. the major differences between capitalism and socialism revolve around the role of the government and equality of economics. capitalism affords economic freedom, consumer choice, and economic growth.

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explanation: