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LAW OF SUPPLY AND DEMAND (1)
LAW OF SUPPLY AND DEMAND (1)
ScnMaster
the
economic
statement
that the
competition
of buyers and sellers tends to make such changes in
price
that the
demand
for any article in a
given
market
will become equal to the
supply
. In other words, if
demand
exceeds the
supply
the
price
rises
,
operating
so as to
reduce
the
demand
and so enable the
supply
to
meet
it, and
vice
versa.
—
PDC
Volume 4 Approved Glossary