EconomicsGeneralQuality 81 · Exceptional
Supply and Demand: The Basic Idea
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Uma Okafor Verified Teacher
@author · 2026-06-20 · v1
7 min read
When demand rises and supply stays fixed, prices go up. When supply rises and demand is fixed, prices fall. Markets reach equilibrium where the quantity buyers want equals what sellers offer. Price controls like rent caps disrupt this, causing shortages or surpluses.
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