Demand is the schedule of quantities of a good or service that people are willing and able to ________ at different prices.     A. Buy   B. Sell   C. Supply   D. Price mechanism Supply is the schedule of quantities of a good or service that people are willing to __________ at different prices.     A. Buy   B. Sell   C. Demand   D. Price Mechanism

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter6: Elasticities
Section: Chapter Questions
Problem 7P
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  1. Demand is the schedule of quantities of a good or service that people are willing and able to ________ at different prices.
     
      A.
    Buy
      B.
    Sell
      C.
    Supply
      D.
    Price mechanism


    1. Supply is the schedule of quantities of a good or service that people are willing to __________ at different prices.
       
        A.
      Buy
        B.
      Sell
        C.
      Demand
        D.
      Price Mechanism
Expert Solution
Introduction:

According to the law of supply and demand, a product's market price changes are related to its supply and demand. The willingness of consumers and producers to engage in buying and selling is represented by demand and supply.At the equilibrium price, supply and demand curves cross. . We would forecast that the market will function at this price.

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