Which of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibrium
Which of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibrium
Chapter4: Markets In Action
Section: Chapter Questions
Problem 5SQP
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Which of the following is true of any market?
a. The interaction of demand and supply determines the price and quantity in that market.
b. There must be a supply of the item but not necessarily a demand for the item.
c. Demand and supply are always equal for an item.
d. There must be a demand for the item but not necessarily a supply of the item.
e. The market will always be in equilibrium
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