"The basic law of economics is that price is determined by BOTH supply and demand" That is one basic law of economics, but in some markets price isn't only det

"The basic law of economics is that price is determined by BOTH supply and demand" That is one basic law of economics, but in some markets price isn't only determined by supply and demand. I think a similar/analogous example for the price on the can is minimum wage. Yes, in a lot of cases wages are set by the intersection of supply and demand, but if that intersection is below a minimum wage then the "price" of labor (the wage) is the minimum wage. Now there's economic implications of that too, but at the end of the day in the US you can't pay a McDonalds employee $2 an hour and a corner store can't sell an Arizona tea for $2.