What is price theory in economics?

Price theory or price theory in economics is the theory that the price for a good or service is related to the supply and demand for that particular good or service. When supplies are extensive for a product or service, the price can be low. When the price of a product is too high, consumers cannot buy the product, forcing the supply of that product to remain the same or to be high, thus the company can lower prices to attract consumers. If the prices of a product are low, consumers can buy in excess, which leads to an increase in demand for the product, at which point the company can increase the price of the product. Equilibrium occurs when the entire available stock of a product is consumed by consumers.

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