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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demonstrate the definition of the term "law of supply and demand".
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the law of supply and demand states that when the demand for a product or service increases, the price of it will also increase, as more people are willing to pay higher prices. conversely, when demand decreases, prices will decrease as fewer people are willing to buy the product or service at a higher price.
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