The amount paid for a unit of a good or service. Prices reflect the supply of and demand for a good or service. All else held equal, the price of a good or service increases as either demand increases or as supply falls. Similarly all else held equal, a fall in price occurs as demand decreases or supply increases.
Paul Cwik - Problems and Prices
Anthony Carilli - Austrian Economics: Praxeology, Supply, and Demand
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