Definition of supply and demand
: the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy
If less of a product than the public wants is produced, the law of supply and demand says that more can be charged for the product.
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“Supply and demand.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/supply%20and%20demand. Accessed 8 May. 2021.
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