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Topics: Supply and demand / Pages: 6 (1871 words) / Published: Jun 22nd, 2014
Market equilibrium process is defined as the matching process of supply and demand of the consumers. The law of demand is simply the pricing of items as it relates to the demand of item. McConnell, Brue, & Flynn (2009), “states that consumers preferences along with marketing of goods; expectation of consumers; level of income from consumers purchasing products; and cost of goods determines how the level of demand will be affected” (Chapter 3).

Consumers are drawn to items for many reasons (i.e., looks, style, and latest design) however; the items may or may not be readily available. For instance, during the holidays many consumers searched for the latest and greatest game devices and other electronic devices. But what we have discovered is that during that specific time of year, the demand for such items are extremely high and he supply of demand seems to fall short.

When an individual is seeking a specific item that cannot be found in stores, the internet is the next big source to finding what cannot be kept on shelves in stores. In most cases the prices online may be higher Market Equilibrium Process
Market equilibrium process is defined as the matching process of supply and demand of the consumers. The law of demand is simply the pricing of items as it relates to the demand of item. McConnell, Brue, & Flynn (2009), “states that Demand is a schedule that shows the various amounts of a product that consumers are willing and able to buy at each specific price in a series of possible prices during a specified time period (McConnell, Brue, & Flynn, 2009). This demand on a product is greatly affected by supply, which is a schedule that shows amounts of a product a producer is willing and able to produce and sell at each specific price in a series of possible prices during a specified time period (McConnell, Brue, & Flynn, 2009). When the iPhone first releases every Apple and AT&T store receive very large amounts of inventory. Most of the

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