One of the basic principles of economics that was ingrained in my brain 40 years ago at Boys Academy, Simpson, Lagos Island, is the law of demand and supply as espoused by Adam Smith. It simply states that consumer demand for a good or service decreases as the price increases. The higher the demand for any particular good or service that supply cannot meet up to, there is bound to be an increase in the price of that good or service.
That principle, which has been in existence for decades, is not about to change. In a free market economy, the equilibrium price is the price at which the supply exactly matches the demand.
