Demand and supply are________________?
Correct answer: A. market forces
- A. market forces
- B. key economic indicators
- C. thesis and antithesis
- D. causes of inflation
Explanation
Demand and supply are market forces because buyers' willingness to purchase and sellers' willingness to produce interact to determine price and quantity. They are not themselves economic indicators or direct causes of inflation.
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About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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