What is the law of supply and demand?
Answer 1
Alexander Williams
The law of supply and demand is a fundamental economic principle that describes the relationship between the availability of a particular product (supply) and the desire for that product (demand). Generally, if the supply of a good or service exceeds the demand for it, prices tend to fall. Conversely, if the demand exceeds supply, prices tend to rise. This dynamic helps determine the market equilibrium price and quantity of goods in a competitive market.
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