summary:

1. The law of supply and demand states that as prices increase, the supply of a product rises while demand declines, and vice versa.

2. The equilibrium price is the point where supply equals demand, and it represents the market-clearing price.

3. Price elasticity measures how changes in price affect the demand or supply of a product. Basic necessities tend to have relatively inelastic demand.

4. When supply exceeds demand, sellers can lower prices to avoid material loss. Conversely, during high demand, sellers can increase prices to maximize profit.

5. It is important for sellers to consider their competitors' prices when setting their own price in order to remain competitive in the market.

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