I think the law of demand is more powerful because if people don't want to buy the product because the price is too high, there is no transaction. With the law of supply, producers will always be able to make more if there is high demand for it.
I believe the law of demand is more powerful because the consumer is in control of the market. No matter how much supply a seller has, if no one is willing to buy it, there is no point. Also, firms can alter the prices of their goods in order to make up for surplus and shortages, but it is up to the consumer (and the law of demand) to buy more or less of the product which affects the entire market.
I think that the law of demand is more powerful than the law of supply because if something isn't in demand no matter how much of it you supply its not going to sell unless you lower the price.
I think the law of demand is more powerful because regardless of what price suppliers set for their product it is the reaction of consumers that ultimately determines whether the price will change or not.
I believe the law of demand is more powerful than the law of supply. I say this because economics is about choices. The consumer has the choice to buy the product, without people wanting or needing or desiring a product or service, it doesn’t matter the price, the location, the supply, because it is the consumer’s choice to buy. Secondly if you think about all the big ideas, a lot of them have to do with the consumers choice, such as incentives, trade offs, marginal thinking, none of those have to do with supply. They have to do with the consumer and the choices the consumer makes. There could be an incentive but it is up to the consumer if they choose to accept the incentive and demand the service/product.
Hi, Everyone: my experience recently at a new sushi place makes me believe the law of demand is more powerful. The owners had a large supply of fresh fish... it looked like we were the only customers that night. Without consumers to purchase beautiful sushi rolls...just stinky fish at the end of the day!
I agree that the law of demand is more powerful. In our market, everything is driven by the consumer. Suppliers merely attempt to mirror their supply levels to what the customers want and need. If they tried to artificially raise prices in an attempt to increase profits, it would be disadvantageous because they wouldn't be able to raise demand accordingly. Thus, the law of demand is more powerful, because it describes the relationship between the market and consumers, who are the primary drivers of demand.
I also believe that the law of demand is more powerful. The consumer is ultimately in control of the market place. Without there being a demand for a product it does not matter how much is supplied. Whether or not the price for a product is really high or really low, the consumer still has to want the product in order to purchase it. Economics is all about choices. Many things we discuss in economics involve making decisions that will give us more choices as an outcome consumer get to decide which good or services they choose to purchase making the law of demand stronger than the law of supply.
I believe the law of demand is more powerful than the law of supply. The law of demand essentially enables buyers to choose the price at which they wish to buy a good or service. This gives the buyer control over the market. While suppliers can also choose the price at which they wish to sell their good or service, this does not guarantee that the demand for their good will be enough to make a profit. Thus, the law of demand is more powerful.
I feel the law of demand is more powerful, because the consumer is in control. There could be a ton of supply for a product but no one wants to purchase it. Therefore, demand wins.
As everyone before me has stated, I also think that the law of demand overpowers the law of supply. Apple continuous making and improving ieverthings because people want to buy awesome technology. However, if that was not the case, what incentive would Apple have to keep spending billions of dollars in order to produce more product that will just sit around collecting dust. Consumers know what they want and need, there is no point for producers to waste their time,energy, and resources trying to sell something that clearly doesn't interest the public.
I agree that demand is very important but just as a market cannot exist without consumers and demand, it equally cannot exist without supply. Without sellers or supply, consumers can demand but there is no means for that demand to be met. -Lillian H.
I agree the law of demand controls the markets because without the demand of a good, you have no supply. It also directly affects the equilibrium between price and quantity.
I agree with mostly everyone and that is law of demand is more important to the market. One great example of that is Ed Hardy clothing. A year ago people were spending $200 on a shirt. Now nobody wants to wear those shirts so they are 15 bucks at discount stores. Even though the supply is the same the demand is way down. Jack
As with everyone else I believe that the law of demand is more important then the law of supply. I believe this because without demand companies would not know how much of a good to supply. When the demand is equal with the supply it sets the curve to equilibrium which is important so companies know how much of a good to produce and still make a profit.
Of two very powerful forces in nature, I believe that the law of demand is the more powerful. Goods and services are only sold if and when the consumer is willing to pay for them. If the seller is in a competitive market, he or she has to sell at market price, if he sets it above market price, he will not sell anything; if he sets it below, he will not make a profit and his business will go under. The seller is trapped by the demand curve.
I feel that the law of demand is more powerful than the law of supply because without the ultimate decision of the consumer to purchase the product the amount supplied is somewhat irrelevant. Consumer choices are what keep an economy moving, so despite whatever the price or supply of a product is, without any demand there will be no economic progress.
I believe that the law of demand is more powerful than the law of supply. While the suppliers try to gain control over their customers through advertisements, in the end the more powerful entity is the consumer. Their tastes and preferences control how much of a good is purchased.
Rachel Samuels I agree with the law of demand being powerful, because without the consumer there wouldn't be any product worth supplying. Although, the law of supply is very powerful as well. The law of supply can and will dictate how much demand there will be. Usually, the more rare something is the more demand there is for that product. So essentially, it's one giant circle.
Seth King I would say that the law of demand is the more powerful law of the two. I say this because the law of supply can be directly affected by the law of demand. If a product is in high demand, but their is supply, the producers of this item will most likely do whatever is necessary to get more of the product circulating within the market. However, their are exceptions to this, as some producers may keep the supply of their product low, in order to creat more demand for their product, and try and maximise their profit resulting from their product.
I also agree that the law of demand is more powerful then the law of supply. Our businesses develop products to meet the needs and wants of consumers, and if the product is not demanded by the consumer there is no reason to develop it since there is no market for it.
I believe that the law of demand is much more powerful than the law of supply. I say this simply because the law of demand and the buyers as a group or whole make the final decision on wether or not they are going to buy a product or not. This is important because it not only controls much of the supply that will be available or produced and is what keeps the economy moving.
Like most have already said, I believe the law of demand is more powerful. Demand creates its own supply and is consumer oriented, without it, supply would be unnecessary. Although supply uses demand to understand the market need for production, I believe demand plays a more vital role in dictating market activity.
I believe the law of demand is more important because without demand or buyers purchasing goods their is no market to meet the needs and wants of its people or customers. Without demand their wouldn't be supply because we wouldn't have a need for anything.
I think the law of demand. Knowing what the consumers want and need helps the business provide the goods. Without demand, there is no transaction as Bobby Mark mentioned.
I think without question the law of demand is greater. Demand has the power to change people because when demand is high, much of society will go to great lengths to get what they want. Also the law of supply really depends on the law of demand because it doesn't matter if supply is high or low, there must be demand in order for consumers to buy a product.
i also believe that the law of demand is more powerful than the law of supply. consumers control the economy. in order for sellers to make money there has to be a demand. usually the higher demand the more money is made and the higher quantity sold. without demand there is no supply as you mentioned earlier with the sushi turning to rotting fish.
I posted on this post last week and for some reason my post did not show. I argued that the Law of Demand is more powerful due to the significant world issue of over population. As the population grows, the Demand grows. We simply do not have the power or resources to keep supply up with demand, therefore creating a mass-global shortage. The growth of population along with general greed will hand in hand effect the global demand, and a constant increase in demand will have detrimental effects on supply, or the inability to supply enough. -Chenoa
For the sake of arguing I'm going to say the law of supply is more powerful than the law of demand. The supplier has the ability to control markets by taking their product on or off the market. The supplier has the ability to create demand by slowly releasing a good or service into the market. Yes demand is powerful, but a product in high demand doesn't necessarily equal a lower price. A supplier can create shortages and surplus, which are one of the main causes of demand. Suppliers will always be making money and their power comes with the ability to control the goods and services available on the market.
The law of demand dictates what will boom and what will bust, especially in a developed nation where options exist. The development of hand-held technological instruments from the palm pilot to the kindle to the IPhone have continued to reflect how consumers' demand can facilitate a new market.
supply is more powerful because supply dictates demand and demand doesn't entirely dictate supply.
for example: the supply of Rolls Royces goes up, the demand will most likely increase. However, Rolls Royce chooses not to do that because they use high demand and low supply as a tool to make their product have the image "luxury" and "high class".
The law of supply is more powerful because it controls wether or not transactions can occur, by maintaining production of goods. Demand does not dictate supply. It may have an influence on supply, but at the end of the day, only the supplier of the good dictates price and quantity, and that is outright power. I agree that demand keeps the economy going, but supply is what makes that possible. Supply can exist without demand (surplus, lowered prices) but not the other way around (shortage is absence of transactions). Demand is dependent on supply, which in turn makes supply more powerful.
The law of supply is more powerful due to the fact that supply creates economies of scale. If a good is produced faster and cheaper the supply quantity of that same good is going to increase. This will result with a decrease in the price of the good. If the good is more affordable then more individuals are going to obtain that good. Therefore the sales of the good is going to increase.
Well obviously they dictate each other, but which one is really more powerful? I believe demand is ultimately more powerful. The economy is based on the majority involved, the consumer. The consumer has the power to purchase the best products for the price and as many as they want until price outweighs marginal utility. The consumer is the demand of an economy. In almost all occasions (excluding natural monopoly goods and services) the consumer has the power to not buy or buy a product. If a company is producing a product, such as home telephones, that no one wants anymore, they are not going to continue to supply home telephones. In matter in fact, the way our capitalist economy works, that company will go out of business as Verizon prospers from it and increases their supply of mobile cell phones. The consumer is in control of the supply. Demand triumphs.
I think the law of demand is more important because the consumer has the power to drive the price of a good/service up or down. If nobody is buying BMW's that company will be forced to lower the price, they have no other choice. Also, if a product is being rapidly sold, an example can be the McDonald's Big Mac, it allows the manufacturer to lower the price as well, because there is a guarantee of revenue. I believe that the Market is controlled by prices and ultimately, the consumer.
I believe the law of the demand the most important because we live in a consumer driven economy. Our economy depends on consumer spending and the power of consumer demand so much. This recent recession is a great example. Consumer demand dropped and businesses suffered. Businesses were doing anything to just get the consumer to look at their products.
Although i believe that both laws are as strong and powerful, the law of supply makes more sense to me. If the cost of a good or service increases, it only makes sense to also increase the price of such good and service that way the buyer is able to maximize his/her profit. On the other hand, the law of demand is not necessarily as beneficial. If the cost to produce is cheap, you certainly make a lot of what it is that you are trying to sell or at least accordingly to the quantity of buyers that are demanding such good or service. However, wouldn't you want to maximize your profit? The best way to do so, i believe, is by increasing the price of the good or service that is being supplied; which does not apply to law of demand. I understand that buyers decrease prices to beat the competition. However, if the good or service is good consumers will not mind to sacrifice one more dollar fin order to obtain such good or service, which will mean that the supplier will not be losing consumers and will definitely maximize their profits. Although in general both laws are as powerful.
i think that the law of demand is more powerful than the law of supply. Demand is more powerful because i believe that ultimately consumers are the controllers of the market. If consumers aren't buying a producer's good, then good would just be put to waste. Consumers control what prices are in the market and also how much of each product is willing to be bought.
I believe the law of demand is more important. While the law of supply is quite important, without the law of demand, companies wouldn't know how much of a particular good to supply to the public. They would easily over/under produce the good, which is wasteful.
Kathleen Porter I also believe the law of demand is more important. Without a demand for something there would be no need to supply a good. While it is true that if something is supplied, someone out there will find a need to buy it, it isn't as powerful as saying that when there is a demand for something, someone out there will find a way to supply it. A person can devote his/her life to finding ways to meet others' demands, but people are less likely to find a way to use something that is already supplied.
There really isn't a "right" answer here; something for us all to consider...the multi-billion $ advertising industry obviously views the law of demand as more powerful. Those $ are spent to influence demand factors. With that said, chaos breaks out when there is inadequate supply of essentials (like food, clean water, etc). As we switch gears into broader macro ideas...this question will linger on...
I think the law of demand is more powerful because it has more effect on the law of supply. Yes they both effect each other and can move each the other up or down. I think the law of demand is more powerful because it effects how much is being supplied. Without demand, there would not be supply
I think they are both just as important because in order for demand to be legitimate, there needs to be supply, and in order for supply to be legitimate there needs to be demand
I believe that the law of demand is more powerful than the law of supply, because ultimately an item is only worth what the customer is willing to pay for it, regardless of how much of it is supplied.
i think the law of demand is more powerfull because comapnies wouldnt know how much to produce or how much to charge if they didnt know how much was being demanded. Companies would make the mistake of producing too much or too little and both have an end results of wasting/losing money --oakford gross
I think the law of demand is more powerful because if people don't want to buy the product because the price is too high, there is no transaction. With the law of supply, producers will always be able to make more if there is high demand for it.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteChelsea Katsch
ReplyDeleteI believe the law of demand is more powerful because the consumer is in control of the market. No matter how much supply a seller has, if no one is willing to buy it, there is no point. Also, firms can alter the prices of their goods in order to make up for surplus and shortages, but it is up to the consumer (and the law of demand) to buy more or less of the product which affects the entire market.
Vince DiPiero
ReplyDeleteI think that the law of demand is more powerful than the law of supply because if something isn't in demand no matter how much of it you supply its not going to sell unless you lower the price.
I think the law of demand is more powerful because regardless of what price suppliers set for their product it is the reaction of consumers that ultimately determines whether the price will change or not.
ReplyDeleteMeghan Kloeber
ReplyDeleteI believe the law of demand is more powerful than the law of supply. I say this because economics is about choices. The consumer has the choice to buy the product, without people wanting or needing or desiring a product or service, it doesn’t matter the price, the location, the supply, because it is the consumer’s choice to buy. Secondly if you think about all the big ideas, a lot of them have to do with the consumers choice, such as incentives, trade offs, marginal thinking, none of those have to do with supply. They have to do with the consumer and the choices the consumer makes. There could be an incentive but it is up to the consumer if they choose to accept the incentive and demand the service/product.
Hi, Everyone: my experience recently at a new sushi place makes me believe the law of demand is more powerful. The owners had a large supply of fresh fish... it looked like we were the only customers that night. Without consumers to purchase beautiful sushi rolls...just stinky fish at the end of the day!
ReplyDeleteI agree that the law of demand is more powerful. In our market, everything is driven by the consumer. Suppliers merely attempt to mirror their supply levels to what the customers want and need. If they tried to artificially raise prices in an attempt to increase profits, it would be disadvantageous because they wouldn't be able to raise demand accordingly. Thus, the law of demand is more powerful, because it describes the relationship between the market and consumers, who are the primary drivers of demand.
ReplyDeleteI also believe that the law of demand is more powerful. The consumer is ultimately in control of the market place. Without there being a demand for a product it does not matter how much is supplied. Whether or not the price for a product is really high or really low, the consumer still has to want the product in order to purchase it. Economics is all about choices. Many things we discuss in economics involve making decisions that will give us more choices as an outcome consumer get to decide which good or services they choose to purchase making the law of demand stronger than the law of supply.
ReplyDeleteI believe the law of demand is more powerful than the law of supply. The law of demand essentially enables buyers to choose the price at which they wish to buy a good or service. This gives the buyer control over the market. While suppliers can also choose the price at which they wish to sell their good or service, this does not guarantee that the demand for their good will be enough to make a profit. Thus, the law of demand is more powerful.
ReplyDeleteI feel the law of demand is more powerful, because the consumer is in control. There could be a ton of supply for a product but no one wants to purchase it. Therefore, demand wins.
ReplyDeleteAs everyone before me has stated, I also think that the law of demand overpowers the law of supply. Apple continuous making and improving ieverthings because people want to buy awesome technology. However, if that was not the case, what incentive would Apple have to keep spending billions of dollars in order to produce more product that will just sit around collecting dust. Consumers know what they want and need, there is no point for producers to waste their time,energy, and resources trying to sell something that clearly doesn't interest the public.
ReplyDeleteI agree that demand is very important but just as a market cannot exist without consumers and demand, it equally cannot exist without supply. Without sellers or supply, consumers can demand but there is no means for that demand to be met.
ReplyDelete-Lillian H.
I agree the law of demand controls the markets because without the demand of a good, you have no supply. It also directly affects the equilibrium between price and quantity.
ReplyDeleteI agree with mostly everyone and that is law of demand is more important to the market. One great example of that is Ed Hardy clothing. A year ago people were spending $200 on a shirt. Now nobody wants to wear those shirts so they are 15 bucks at discount stores. Even though the supply is the same the demand is way down.
ReplyDeleteJack
As with everyone else I believe that the law of demand is more important then the law of supply. I believe this because without demand companies would not know how much of a good to supply. When the demand is equal with the supply it sets the curve to equilibrium which is important so companies know how much of a good to produce and still make a profit.
ReplyDeleteOf two very powerful forces in nature, I believe that the law of demand is the more powerful. Goods and services are only sold if and when the consumer is willing to pay for them. If the seller is in a competitive market, he or she has to sell at market price, if he sets it above market price, he will not sell anything; if he sets it below, he will not make a profit and his business will go under. The seller is trapped by the demand curve.
ReplyDeleteAlyson Smith
I feel that the law of demand is more powerful than the law of supply because without the ultimate decision of the consumer to purchase the product the amount supplied is somewhat irrelevant. Consumer choices are what keep an economy moving, so despite whatever the price or supply of a product is, without any demand there will be no economic progress.
ReplyDeleteI believe that the law of demand is more powerful than the law of supply. While the suppliers try to gain control over their customers through advertisements, in the end the more powerful entity is the consumer. Their tastes and preferences control how much of a good is purchased.
ReplyDeleteCara Swearingen
Rachel Samuels
ReplyDeleteI agree with the law of demand being powerful, because without the consumer there wouldn't be any product worth supplying. Although, the law of supply is very powerful as well. The law of supply can and will dictate how much demand there will be. Usually, the more rare something is the more demand there is for that product. So essentially, it's one giant circle.
Seth King
ReplyDeleteI would say that the law of demand is the more powerful law of the two. I say this because the law of supply can be directly affected by the law of demand. If a product is in high demand, but their is supply, the producers of this item will most likely do whatever is necessary to get more of the product circulating within the market. However, their are exceptions to this, as some producers may keep the supply of their product low, in order to creat more demand for their product, and try and maximise their profit resulting from their product.
I agree that the law of demand is more powerful. That's because if it's not, the consumer can do everything for the suppliers to decrease the price.
ReplyDeleteI also agree that the law of demand is more powerful then the law of supply. Our businesses develop products to meet the needs and wants of consumers, and if the product is not demanded by the consumer there is no reason to develop it since there is no market for it.
ReplyDeleteI believe that the law of demand is much more powerful than the law of supply. I say this simply because the law of demand and the buyers as a group or whole make the final decision on wether or not they are going to buy a product or not. This is important because it not only controls much of the supply that will be available or produced and is what keeps the economy moving.
ReplyDeleteLike most have already said, I believe the law of demand is more powerful. Demand creates its own supply and is consumer oriented, without it, supply would be unnecessary. Although supply uses demand to understand the market need for production, I believe demand plays a more vital role in dictating market activity.
ReplyDeleteI believe the law of demand is more important because without demand or buyers purchasing goods their is no market to meet the needs and wants of its people or customers. Without demand their wouldn't be supply because we wouldn't have a need for anything.
ReplyDeleteI think the law of demand. Knowing what the consumers want and need helps the business provide the goods. Without demand, there is no transaction as Bobby Mark mentioned.
ReplyDeleteI think without question the law of demand is greater. Demand has the power to change people because when demand is high, much of society will go to great lengths to get what they want. Also the law of supply really depends on the law of demand because it doesn't matter if supply is high or low, there must be demand in order for consumers to buy a product.
ReplyDeletei also believe that the law of demand is more powerful than the law of supply. consumers control the economy. in order for sellers to make money there has to be a demand. usually the higher demand the more money is made and the higher quantity sold. without demand there is no supply as you mentioned earlier with the sushi turning to rotting fish.
ReplyDeleteI posted on this post last week and for some reason my post did not show. I argued that the Law of Demand is more powerful due to the significant world issue of over population. As the population grows, the Demand grows. We simply do not have the power or resources to keep supply up with demand, therefore creating a mass-global shortage. The growth of population along with general greed will hand in hand effect the global demand, and a constant increase in demand will have detrimental effects on supply, or the inability to supply enough.
ReplyDelete-Chenoa
David McCall
ReplyDeleteFor the sake of arguing I'm going to say the law of supply is more powerful than the law of demand. The supplier has the ability to control markets by taking their product on or off the market. The supplier has the ability to create demand by slowly releasing a good or service into the market. Yes demand is powerful, but a product in high demand doesn't necessarily equal a lower price. A supplier can create shortages and surplus, which are one of the main causes of demand. Suppliers will always be making money and their power comes with the ability to control the goods and services available on the market.
The law of demand dictates what will boom and what will bust, especially in a developed nation where options exist. The development of hand-held technological instruments from the palm pilot to the kindle to the IPhone have continued to reflect how consumers' demand can facilitate a new market.
ReplyDeletesupply is more powerful because supply dictates demand and demand doesn't entirely dictate supply.
ReplyDeletefor example: the supply of Rolls Royces goes up, the demand will most likely increase. However, Rolls Royce chooses not to do that because they use high demand and low supply as a tool to make their product have the image "luxury" and "high class".
The law of supply is more powerful because it controls wether or not transactions can occur, by maintaining production of goods. Demand does not dictate supply. It may have an influence on supply, but at the end of the day, only the supplier of the good dictates price and quantity, and that is outright power. I agree that demand keeps the economy going, but supply is what makes that possible. Supply can exist without demand (surplus, lowered prices) but not the other way around (shortage is absence of transactions). Demand is dependent on supply, which in turn makes supply more powerful.
ReplyDeleteGustavo Gutierrez
ReplyDeleteThe law of supply is more powerful due to the fact that supply creates economies of scale. If a good is produced faster and cheaper the supply quantity of that same good is going to increase. This will result with a decrease in the price of the good. If the good is more affordable then more individuals are going to obtain that good. Therefore the sales of the good is going to increase.
Well obviously they dictate each other, but which one is really more powerful? I believe demand is ultimately more powerful. The economy is based on the majority involved, the consumer. The consumer has the power to purchase the best products for the price and as many as they want until price outweighs marginal utility. The consumer is the demand of an economy. In almost all occasions (excluding natural monopoly goods and services) the consumer has the power to not buy or buy a product. If a company is producing a product, such as home telephones, that no one wants anymore, they are not going to continue to supply home telephones. In matter in fact, the way our capitalist economy works, that company will go out of business as Verizon prospers from it and increases their supply of mobile cell phones. The consumer is in control of the supply. Demand triumphs.
ReplyDelete-Kevin Cornell
I think the law of demand is more important because the consumer has the power to drive the price of a good/service up or down. If nobody is buying BMW's that company will be forced to lower the price, they have no other choice. Also, if a product is being rapidly sold, an example can be the McDonald's Big Mac, it allows the manufacturer to lower the price as well, because there is a guarantee of revenue. I believe that the Market is controlled by prices and ultimately, the consumer.
ReplyDeleteI believe the law of the demand the most important because we live in a consumer driven economy. Our economy depends on consumer spending and the power of consumer demand so much. This recent recession is a great example. Consumer demand dropped and businesses suffered. Businesses were doing anything to just get the consumer to look at their products.
ReplyDeleteAndrew Reed
Although i believe that both laws are as strong and powerful, the law of supply makes more sense to me. If the cost of a good or service increases, it only makes sense to also increase the price of such good and service that way the buyer is able to maximize his/her profit. On the other hand, the law of demand is not necessarily as beneficial. If the cost to produce is cheap, you certainly make a lot of what it is that you are trying to sell or at least accordingly to the quantity of buyers that are demanding such good or service. However, wouldn't you want to maximize your profit? The best way to do so, i believe, is by increasing the price of the good or service that is being supplied; which does not apply to law of demand. I understand that buyers decrease prices to beat the competition. However, if the good or service is good consumers will not mind to sacrifice one more dollar fin order to obtain such good or service, which will mean that the supplier will not be losing consumers and will definitely maximize their profits. Although in general both laws are as powerful.
ReplyDeletei think that the law of demand is more powerful than the law of supply. Demand is more powerful because i believe that ultimately consumers are the controllers of the market. If consumers aren't buying a producer's good, then good would just be put to waste. Consumers control what prices are in the market and also how much of each product is willing to be bought.
ReplyDeleteI believe the law of demand is more important. While the law of supply is quite important, without the law of demand, companies wouldn't know how much of a particular good to supply to the public. They would easily over/under produce the good, which is wasteful.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteKathleen Porter
ReplyDeleteI also believe the law of demand is more important. Without a demand for something there would be no need to supply a good. While it is true that if something is supplied, someone out there will find a need to buy it, it isn't as powerful as saying that when there is a demand for something, someone out there will find a way to supply it. A person can devote his/her life to finding ways to meet others' demands, but people are less likely to find a way to use something that is already supplied.
There really isn't a "right" answer here; something for us all to consider...the multi-billion $ advertising industry obviously views the law of demand as more powerful. Those $ are spent to influence demand factors. With that said, chaos breaks out when there is inadequate supply of essentials (like food, clean water, etc). As we switch gears into broader macro ideas...this question will linger on...
ReplyDeleteI think the law of supply and the law of demand are equally important because both can affect equilibrium price.
ReplyDeleteI think the law of demand is more powerful because it has more effect on the law of supply. Yes they both effect each other and can move each the other up or down. I think the law of demand is more powerful because it effects how much is being supplied. Without demand, there would not be supply
ReplyDeleteI think they are both just as important because in order for demand to be legitimate, there needs to be supply, and in order for supply to be legitimate there needs to be demand
ReplyDeleteboth are important because the ideal point is the equilibrium between the two variables due to market conditions
ReplyDeleteI believe that the law of demand is more powerful than the law of supply, because ultimately an item is only worth what the customer is willing to pay for it, regardless of how much of it is supplied.
ReplyDeletei think the law of demand is more powerfull because comapnies wouldnt know how much to produce or how much to charge if they didnt know how much was being demanded. Companies would make the mistake of producing too much or too little and both have an end results of wasting/losing money --oakford gross
ReplyDelete