Latent demand gated by price + decreased price = induced demand It applies to everything, from housing to hamburgers. I have a hamburger restaurant where I se

Latent demand gated by price + decreased price = induced demand It applies to everything, from housing to hamburgers. I have a hamburger restaurant where I sell hamburgers for $5. Some people buy hamburgers, and some people will not buy hamburgers. Some of the people who will not buy hamburgers would buy a hamburger if the price was lower. If I drop the price, I will induce demand.