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This is a fundamental concept in economics that explains the interaction between the sellers of a resource and the buyers for that resource. The concept
This is a fundamental concept in economics that explains the interaction between the sellers of a resource and the buyers for that resource. The concept is interesting because it's applicable to our everyday life. For example, if a popular new product is in short supply, its price can skyrocket, which is the market's way of responding to high demand and low supply
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