Equilibrium of Demand and Supply: The price of a commodity in
the market is determined by the interaction of the forces of
demand and supply. By "demand for a commodity" at a given price
is meant: know that if the price rises, other things remaining
the same, people buy less of that commodity and if price falls,
people buy more of that commodity. Just as we have discussed the
effects of changes in demand on price, we can also explain the
effects of changes in supply on the equilibrium price. We have
so far discussed the effects of changes in demand and supply on
equilibrium price separately. Let us now consider a case in
which changed in demand and supply take place,