Answered

IDNLearn.com makes it easy to find precise answers to your specific questions. Get accurate and comprehensive answers to your questions from our community of knowledgeable professionals.

Which statement best summarizes the role of supply and demand in setting prices for goods?

A. Prices are set by adding up the total supply and demand of a product and converting it to a dollar amount.
B. Prices are set by finding a balance between the high prices sellers prefer and the low prices buyers prefer.
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.

Sagot :

GinnyAnsweridn

Final answer:

Supply and demand determine prices by reaching equilibrium between quantity demanded and quantity supplied, conveying information to buyers and sellers.


Explanation:

Supply and demand interact to determine prices for goods. The equilibrium price point is where quantity demanded equals quantity supplied, resulting in a balance between buyers' and sellers' preferences. Prices in the market are set based on the relationship between demand and supply, and they act as a mechanism to convey information to buyers and sellers.


Learn more about Supply and demand's role in setting prices here:

https://brainly.com/question/40471463


We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Thank you for choosing IDNLearn.com for your queries. We’re here to provide accurate answers, so visit us again soon.