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Supply and demand

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Please answer in 200-300 words.

1. In terms of supply and demand, is price the only thing that matters? Why or why not?

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Response discusses the supply and demand.

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As per csun.edu, "Demand is the relationship between the price of a good and the quantity of the good that consumers are willing and able to buy." As per law of demand, there is an inverse relationship between demand and price of products. But there are factors other than prices which cause change in demand. Factors causing changes in demand are:

?Income and wealth
? prices of substitutes and complements
? population
? preferences

Let us take few examples:
Increase in income of the consumers will lead to increase in ...

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