Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Get immediate answers to your questions from a wide network of experienced professionals on our Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

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 :

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.


Learn more about supply and demand here:

https://brainly.com/question/32830463