Which statement best summarizes the role of supply and demand in setting
prices for goods?
A. Prices are set by finding a balance between the high prices sellers
prefer and the low prices buyers prefer.
B. Prices are set by adding up the total supply and demand of a
product and converting it to a dollar amount.
C. Prices are set by identifying the demand for a product at a certain
price and convincing buyers to pay a little more.
D. Prices are set by sellers creating a large supply of a product and
then determining how much demand exists.

Supply and demand play a crucial role in setting prices for goods in the market. Prices are determined by the interaction of supply, representing the quantity offered for sale, and demand, reflecting the quantity desired by consumers. Market equilibrium is achieved when the quantity demanded equals the quantity supplied, resulting in an equilibrium price.

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