Define the demand and supply

1 answer

Demand refers to the quantity of a good or service that consumers are willing and able to buy at various prices, while supply refers to the quantity of a good or service that producers are willing and able to sell at various prices. The interaction between demand and supply determines the equilibrium price and quantity in a market. When demand exceeds supply, prices tend to rise, while when supply exceeds demand, prices tend to fall.
Similar Questions
    1. answers icon 41 answers
  1. Question 4(Multiple Choice Worth 5 points)(01.05 LC) Which of the following is the state in which supply and demand are balanced
    1. answers icon 1 answer
  2. Question 4(Multiple Choice Worth 5 points)(01.05 LC) Which of the following is the state in which supply and demand are balanced
    1. answers icon 1 answer
    1. answers icon 1 answer
more similar questions