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.

Question

01-07-2024
Social Studies

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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 :

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Final answer:

Supply and demand determine the equilibrium price where quantity demanded equals quantity supplied, establishing the market price.

Explanation:

Supply and demand play a crucial role in setting prices for goods. The equilibrium price is determined where quantity demanded equals quantity supplied. This balance between supply and demand establishes the market price for a good or service.

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