The correct statement is:
Prices are set by how much consumers will pay.
This reflects the principle of demand and supply in a market economy, where prices are influenced by consumer willingness to pay and the level of supply available.
Question
Which is true of how the market sets prices?
(1 point)
Responses
Prices are set by the expected sales.
Prices are set by the expected sales.
Prices are set by how much consumers will pay.
Prices are set by how much consumers will pay.
Prices are set by the size and location of market outlets.
Prices are set by the size and location of market outlets.
Prices are set by doubling the equilibrium price.
1 answer
1 answer