What is supply and demand? What is the law of supply and demand?

Supply and demand is an economic model that explains the relationship between the availability of a product and the demand for that product.

The law of supply and demand states that when supply is high, prices tend to be low, and when demand is high, prices tend to be high.

Supply is determined by how much of a product is available to consumers while demand is determined by how much of a product consumers are willing to buy.

When supply is greater than demand, prices tend to go down.

When demand is greater than supply, prices tend to go up.

An example of the law of supply and demand is the price of oil. When supplies are high, the price of oil is low, and when supplies are low, the price of oil is high.

Another example of the law of supply and demand is the price of housing. When demand for housing is high, prices tend to be high, and when demand is low, prices tend to be low.

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