logo image

Demand and Supply

The study of demand and supply is very important for the understanding of the various functions and operations of economics. Demand can be described as “the amount of a product that will be purchased for a given price at a particular period of time” (Johnson 13). Supply on the other hand is “the quantity of a product that the sellers and distributors are willing to sell at a particular price, during a particular period of time” (“Laws of Supply” 4). Demand and supply determine the price of a product. Wiener states that “the equilibrium price of a product will be the one at which the demand and supply for that product are equal” (qtd. in Sparrow 34).

In other words The price at which the quantity demanded of a particular product is equal to the quantity supplied of that product is referred to as the equilibrium price for the product. It is basically that price at which the demand and supply for the specified product are in equilibrium. (Holden 40) The amount of a product that is bought and sold at the equilibrium price is called the equilibrium quantity. This too is determined by the forces of demand and supply. “Demand

Need essay sample on "Demand and Supply"? We will write a custom essay sample specifically for you for only $ 13.90/page

and supply forces are what govern the price of commodities,… these forces are highly imperative to the functioning of an economy” (Brown 102).

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy