What's an example of how a change in demand can result in a change in the market price? What's an example of how a change in supply can result in a...

Supply
and demand are economic concepts that are used to determine a price and output level that is not
likely to change. This is known as equilibrium.

Changes in demand can cause
the price to rise or fall. If a product has an increase in demand the price tends to rise. If we
take the example of an early MP3 music player we can see why this occurs. When the product was
introduced to the market, its price may have been $100. As people were introduced to this
product and could see the benefit of it, the demand for it grew. When a situation exists where
there are many buyers in the market...