bedwards1011 bedwards1011

14-06-2024
Social Studies

Answered

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 sellers creating a large supply of a product and then determining how much demand exists.
C. Prices are set by adding up the total supply and demand of a product and converting it to a dollar amount.
D. Prices are set by identifying the demand for a product at a certain price and convincing buyers to pay a little more.

Answer :

GinnyAnswer GinnyAnswer

14-06-2024

Final answer:

Supply and demand determine prices for goods through the laws of supply and demand and market equilibrium.

Explanation:

Supply and demand interact in the market to determine prices for goods. The Law of Supply states that more is supplied at higher prices, while the Law of Demand states that higher prices lead to lower quantity demanded. Market equilibrium is reached when quantity demanded equals quantity supplied at a certain price.

Learn more about Supply and Demand here:

https://brainly.com/question/32830463

Answer Link

Other Questions

Suppose you have a right triangle called [tex]\triangle ABC[/tex] where [tex]\angle B[/tex] is the right angle. If [tex]\overline{AB} = 3\sqrt{5}[/tex] and [tex

2. Simplify the following.i. [tex]\frac{5}{7}+\frac{-9}{10}[/tex]ii. [tex]-3+\frac{3}{5}[/tex]3. Verify the following.(Note: No changes have been made to item 3

A student is asked to write essay on the following essay question "in Shakespeare's, Romeo and Juliet, who is the strongest character in the play", which of the

According to the human capital model, women may earn less in the labor market because of their child-rearing responsibilities. What other sociological explanati

Plastic mugTest tubeWaterRubber stopperAnodeCathodeSwitch6 V Battery(a) Which electrodes are used in the electrolysis of water?

A circle is centered at the point [tex](5,-4)[/tex] and passes through the point [tex](-3,2)[/tex].The equation of this circle is [tex](x + \square)^2 + (y + \s

2. (46) Abhijit, Pawan, and Vikram are partners. The following balances were extracted from the books of the partnership firm as on 31st March, 2007:Trial Balan

3. A water pump is pumping water from a well that is 200 m deep.(i) How much work must be done by the pump to raise 1 kg of water?(ii) What is the power output

4. If [tex]\left(\frac{a^{-1} b^2}{a^2 b^{-4}}\right)^7 \div\left(\frac{a^3 b^{-5}}{a^{-2} b^3}\right)^{-5}=a^x \cdot b^y[/tex], find [tex]x+y[/tex].

What changed when Bantu Education Act being put in place? (1/4 page)