law of supply and demand
Definition
Common sense principle which defines the generally observed relationship between demand, supply, and prices: as demand increases the price goes up which attracts new suppliers who increase the supply bringing the price back to normal. However, in the marketing, of high price (prestige) goods, such as perfumes, jewelry, watches, cars, liquor, a low price may be associated with low quality, and may reduce demand.
law of supply and demand is in the Economics, Politics, & Society subject.
law of supply and demand appears in the definitions of the following terms: paradox of value and demand
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