Suppose you read in the newspaper (or online) that the price of gasoline is up and consumers bought more gasoline. In such a case while the supply will remain constant the demand will increase.
The law of supply and demand combines two fundamental economic principles and describes how changes in the price of a resource, product or a commodity can affect its supply as well as demand.
As the price of the commodity or the product increases, supply rises while the demand declines. On the other hand, when the price of a product drops, supply constricts while the demand rises.
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