Supply and demand: Difference between revisions
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'''''This is a new article replacing the article that was recently deleted''''' | '''''This is a new article replacing the article that was recently deleted''''' | ||
The law of supply and demand can be stated as follows: | |||
*the quantity of a commodity that consumers are prepared to buy, rises when the price of that commodity falls (and vice versa); | |||
*the quantity of a commodity that suppliers are prepared to sell, rises when the price of that commodity rises (and vice versa); so that, | |||
*the price at which transactions eventually take place is that at which the quantity that consumers are prepared to buy is the same as the quantity that suppliers are prepared to sell. | |||
Revision as of 01:58, 17 October 2007
This is a new article replacing the article that was recently deleted
The law of supply and demand can be stated as follows:
- the quantity of a commodity that consumers are prepared to buy, rises when the price of that commodity falls (and vice versa);
- the quantity of a commodity that suppliers are prepared to sell, rises when the price of that commodity rises (and vice versa); so that,
- the price at which transactions eventually take place is that at which the quantity that consumers are prepared to buy is the same as the quantity that suppliers are prepared to sell.