as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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provide an example to illustrate the law of supply and demand.
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the law of supply and demand states that the price of a product is determined by the amount of supply and the amount of demand for it. for example, if the demand for a certain type of product increases, the price of that product will increase because the demand is greater than the supply. conversely, if the supply of the product increases and the demand decreases, then the price of the product will decrease.
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