All influences and effects resulting from the interaction of supply and demand. In principle, these can be derived from the price laws. The First Price Law states that supply and demand determine price. The Second Price Law says that high price attracts supply – and also supply for substitutes – and pushes back demand. The Third Price Law says that – over a long period of time – if there is competition, the price will settle near the cost of producing a good. – See market, market, perfect, market anomaly, market mechanism, market efficiency assumption, net welfare loss, competition.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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