respond to this discussion The law of supply and demand is a rule that explains how prices are determined. This was a concept I learned a lot about in my high school marketing class. A example of this law in act is when a new gaming console come out, and there are only a few available. Everyone wants one, so the price shoots up. But if they make more consoles than people want, the price drops because they gotta sell them all. It's like a balance of what people want and whatr there really is. This really plays a role in how prices are set on things at times. Always depending on the supply and demand of that item. When there's a surplus of a product and low demand, prices decrease. And when there's a shortage of a product and high demand, prices increase