Supply and Demand Question?

Please tell me if I am correct with the basic principles of supply and demand. Correct me where I am wrong. Please understand that I am using the words low and high subjectively, low doesn't exactly mean $1 and high doesn't exactly mean $50,000. Also, feel free to add anything I may have missed. I feel like... show more Please tell me if I am correct with the basic principles of supply and demand. Correct me where I am wrong. Please understand that I am using the words low and high subjectively, low doesn't exactly mean $1 and high doesn't exactly mean $50,000. Also, feel free to add anything I may have missed. I feel like I'm missing something

Something is in low demand, the cost is low
Something is in high demand, the cost is high
3 answers 3