Market Equilibration
The process of achieving a market equilibrium relies on some basic principles. The principle of demand holds that, all other things being equal, the higher the price of a good the less people will demand of that good (Investopedia, 2012). There are exceptions to this law, for example goods with inverse price elasticity of demand, but in general the law of demand holds for all goods, even those with very low price elasticity of demand.
The law of supply is the inverse. It holds that all other things being equal the higher the price of a good, the more suppliers will want to provide. Thus, as prices rise, the supply of a good will rise because the profit associated with the production of that good will increase, but the lower the demand will be, because the buyers' marginal utility will decrease.
Those other things that must be equal, however, are the determinants of demand...
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