The law of supply and demand is an economic theory that explains how supply and demand are related to each other and how that relationship affects the price of goods and services. ... However, when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa
Supply and demand is an economic situation in which items are requested and and needed by people’s needs. It also reflects on how the relationships effect the price and the amount of supply and demand effects the price as well.
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