Supply and demand curves

Supply and demand curves are a graphical representation of the relationship between the price of a product and the quantity of that product that consumers are willing to buy. The law of supply states that the quantity supplied of a good or service will increase as its price increases. The law of demand, on the other hand, states that the quantity demanded of a good or service will decrease as its price increases. The point at which the supply and demand curves intersect is known as the equilibrium price, at which the quantity demanded equals the quantity supplied.