The cobweb model or cobweb theory is an economic model that explains why prices may be subjected to periodic fluctuations in certain types of markets. Wikipedia

Explanatory approach for market price oscillation in markets around market equilibrium Wikidata

An economic model that ascribes the periodic price fluctuations in certain types of market to cyclical supply and demand where the amount produced must be chosen before prices are observed, and producers' expectations about prices are assumed to be based on observations of previous prices. Wiktionary