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DEFINITION of 'Law Of Supply And Demand'. A theory explaining the interaction between the supply of a resource and the demand for that resource. The law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price. Generally, if there is a low supply and a high demand, the price will be high.
Not Just Pumping... Basic supply-and-demand theory states that the more of a product is produced, the more cheaply it should sell, all things being equal. Itâs a symbiotic dance. The reason more was produced in the first place is because it became more economically efficient (or no less economically efficient) to do so.n the long run, oil is about as purely elastic a commodity as there is, every movement on the production and consumption sides reflected in the price. Weâre not discussing diamonds or caviar, luxury items of limited utility that most of us can live without.