Is demand more important than supply in determining equilibrium price and quantity in a competitive market?
Please provide the best answer for the statement.
Demand and supply are equally important. It is the intersection of the demand and supply curve that determines equilibrium price and quantity. Without demand or without supply there would be no intersection and no price determination.
Economics
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Government purchases are included in national product
a. True b. False Indicate whether the statement is true or false
Economics
If Apple's iTunes Music Store increases its "fee" for its music downloads, the law of demand predicts that
A. there would be no change in the demand for iTunes music downloads. B. the number of iTunes music downloads would decrease. C. the number of iTunes music downloads would increase. D. iTunes music supply would change but demand would not.
Economics