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Law of supply and Demand: The price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.
Equilibrium Point: The Point at which quantity supplied is equal to quantity demanded.
Considering Ben's Example, we can look at supply and demand together.
As we can see here the quantity supplied is equal to quantity demanded
There are two exceptions to the law of demand.
Giffen Goods
Veblen Goods
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