Discover exceptions to the law of demand, like Giffen and Veblen goods, and understand why they don't disprove core economic principles.

Learn about choke price, the point where demand for a product hits zero. Explore how it influences consumer behavior, pricing strategies, and market dynamics.

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

As hundreds of millions of Americans change their lifestyles to flatten the COVID-19 infection curve, they’re inadvertently shifting energy supply and demand curves too. On a typical, non-pandemic day ...

A linear demand curve is a line representing the relationship between the demand for a product or service and its price. Everyone knows that sales are proportional to price: The more you charge for an ...