law of supply and demand

Definition of law of supply and demand

: a statement in economics: the competitive price that clears the market for a commodity is determined through the interaction of offers and demands

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Cite this Entry

“Law of supply and demand.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/law%20of%20supply%20and%20demand. Accessed 27 Nov. 2021.

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