opportunity 106 of 150 I am amazed at how many business people are still wedded to the law of supply and demand. You know the one. It goes something like this: The law of supply and demand is the theory explaining the interaction between the supply of a resource and the demand for that resource. […]

opportunity 106 of 150 I am amazed at how many business people are still wedded to the law of supply and demand. You know the one. It goes something like this: The law of supply and demand is the theory explaining the interaction between the supply of a resource and the demand for that resource. Thelaw of supply and demand defines the effect the availability of a particular product and the desire (or demand) for that product has on price. Generally, a low supply and a high demand increases price, and in contrast, the greater the supply and the lower the demand, the lower the price tends to fall – INVESTOPEDIA In 2017, the relevance of this ‘law’ is highly questionable. Certainly, any simple application of the law of supply and demand is open to serious question. The law of supply and demand would suggest that: If a competitor’s price is lower, the…