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How does the law of supply and demand affect prices?

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. It's a fundamental economic principle that explains when supply exceeds demand for a good or service, prices fall.

How does price change affect the demand for a product?

Changes in the prices of related goods such as substitutes or complements also can affect the demand for a product. A substitute is a good or service that we can use in place of another good or service. As electronic books, like this one, become more available, you would expect to see a decrease in demand for traditional printed books.

What happens if the supply of goods and services decreases?

If there is a decrease in the supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services.

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