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What is the fundamental concept in economics that describes the relationship between availability and consumer desire for goods or services?
Supply and demand.
What happens to prices when demand exceeds supply?
Prices tend to rise.
What occurs when supply exceeds demand?
Prices tend to fall.
How does the concept of supply and demand help in understanding market behaviors?
It provides insight into pricing strategies and economic contexts.
What is the fundamental concept in economics that describes the relationship between availability and consumer desire for goods or services?
Supply and demand.