Welcome to the most complete directory on the Web of Sonography Technician programs. It contains all the nationally accredited programs, from 238 schools across the country. You can scroll down to see the school listings.
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.
Demand is from the consumer's perspective while supply is from the producer's. Supply in economics is defined as the producer's willingness and ability to supply a given good at various price points, holding all else constant. An increase in price will increase producer's revenues, thus they are willing to supply more; a decrease in price will reduce revenues, therefore producers will supply less.